On Dec. 15, the U.S. Congress raised the national debt limit by $2.5 trillion, and President Joe Biden signed the bill into law the next day. It was a matter of urgency, as the Department of the Treasury could not cover our nation’s bills past Dec. 15 and keep the government open for business. Basically, our home was in foreclosure and needed to be refinanced. The situation, had it not been remedied, would have put at risk Americans’ Social Security checks, veterans’ benefits and much more. The increase allows Americans to breathe a little easier and gives the U.S. government the ability to forego any default.
Republican opposition to this bill was nearly unanimous, with just one dissenter. Democrats were united in support of the measure, which passed the Senate 50-49 along party lines last week and cleared the House 221-209. The legislation prevented our government from going into default, which — according to Treasury Secretary Janet Yellen — would have been “catastrophic” for the American economy. Secretary Yellen told Congress that inaction on raising the debt limit could lead to an economic recession and financial crisis.
The situation should not have gotten this far.
The American people should not have to worry about whether or not our government is open for business on any given day. For months, Republicans knew the debt limit needed to be addressed, yet they continued to use the filibuster to prevent any movement on the vote. During President Donald Trump’s term in office, of course, the debt limit was increased three times. But what is good for the goose is not good for the gander in the minds of our Republican members of Congress. Republicans wanted Democrats to pass the increase this time through budget reconciliation instead of joining in a bipartisan vote to raise it.
Republicans used the filibuster to play partisan politics, basically rolling the dice on the outcome for the American people. They claimed their resistance was in response to the Democrats’ Build Back Better agenda, a plan that would involve $1 trillion in green initiatives plus an expanded social safety net. But the debt limit needed increasing to cover debts already accrued — debt incurred by administrations from both parties.
Ultimately, Senate Majority Leader Chuck Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.) struck a deal. Republicans voted to lift the filibuster one time for the debt ceiling bill, which Democrats passed on their own. The increased debt limit should allow the government to operate without further action by Congress, at least until we are past the 2022 midterm elections.
Unsurprisingly in this political environment, McConnell lost some support in the process — even from Trump, who now wants to see McConnell removed from his leadership position. The twice-impeached former president even said McConnell “didn’t have the guts to play the Debt Ceiling card, which would have given the Republicans a complete victory on virtually everything.”
Question: What kind of “victory” can be trumpeted when the result is financial crisis and no help from the federal government for Americans like those in Kentucky who’ve lost everything in a devastating natural disaster? This kind of win is known as a “Pyrrhic victory,” one that comes at too great a cost to be worthwhile to the victor.
We depend on our leaders to work the best way they know how to ensure our government continues operating and our citizens receive the benefits they’ve earned and are entitled to receive. The Republican strategy of brinkmanship with this issue could have resulted in economic disaster for many Americans. I’m thankful Democrats were successful in increasing the debt limit to prevent the government from closing down and Americans from losing their benefits. What a horrible tragedy that could have been — at any time of year, but especially at Christmas.
Bill Freeman
Bill Freeman is the owner of FW Publishing, the publishing company that produces the Nashville Scene, Nfocus, the Nashville Post and Home Page Media Group in Williamson County.
