The US is once again going through debt ceiling brinkmanship. The first thing to note is that raising the debt ceiling is entirely the responsibility of the Congress, and has to start with the House of Representatives, The Republican speaker of the House of Representatives Kevin McCarthy, himself a hostage of the extremists in his party, has decided to do some hostage taking on his own, vowing to not raise the ceiling and throw the system into chaos unless President Biden agrees to the Republican budget proposals that would roll back some of Biden’s signature achievements as well harm the less well-to do.
Biden and the Democrats have pointed out, correctly, the raising the debt ceiling does not lead to more spending by itself but is needed to pay for spending that Congress has already authorized. They have also pointed out that Republicans were willing to raise the debt ceiling three times while Trump was president without any conditions but suddenly become budget conscious only when a Democrat is in the White House. They say that raising the debt ceiling is entirely under the control of the Republicans, no one else, and that they therefore must bear sole responsibility for any catastrophe that might ensue if the government should go into default if it is not raised.
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