Paul Krugman: 'Anyone expecting a MAGAfied Republican Party, most of whose supporters don’t believe that Joe Biden was legitimately elected, not to weaponize the debt limit was delusional.'
Few things about the looming crisis should come as a surprise. Anyone expecting a MAGAfied Republican Party, most of whose supporters don’t believe that Joe Biden was legitimately elected,to weaponize the debt limit — a strange feature of U.S. budgeting that allows Congress to pass spending bills, then refuse to pay for them — was delusional.
I’m talking about the various groups — business organizations like the Chamber of Commerce and the Business Roundtable, supposedly nonpartisan think tanks like the Committee for a Responsible Federal Budget — that played a very prominent role in the Obama years, successfully convincing much of the media and political establishment that debt, rather than a sluggish recovery, was the biggest economic issue facing America.
Indeed, some reporting suggests that Biden administration officials expected these groups to put pressure on Republicans to avoid debt brinkmanship. But the actual response of the deficit scolds has if anything been to urge the administration to give in to blackmail. The committee, which knows its numbers, has to know better than that. No, the House didn’t pass a “reasonable” deficit reduction plan; it didn’t even really pass a plan at all, just scribbled down some numbers with no explanation of how to achieve them.
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