The “debt ceiling” was a manufactured crisis, created by the TrumpubliQan cult, that backfired (as it did when Newt Gingrich tried it against Clinton in 1996; as it did when John Boehner tried it against Obama in 2011).
While Biden — putting the lie to rumors of his dotage — outmaneuvered the gimmick that he knew Wall $treet Republican donors would never allow to succeed, got most of what Democrats wanted (no rollbacks of his 2021-22 landmark achievements but failed to block minimal work requirements for Food Stamp requirement in which the vast majority of recipients already work), the biggest “win” for McCarthy was just getting Biden to agree to negotiate at all.
While a legislative agreement is preferable to invoking a Constitutional crisis, the reality is that the Democrats should never have negotiated at all because the entire budget crisis is because of the Trump deficits from corporate welfare and cutting taxes for the few richest elites who already have the most, and because the debt ceiling itself is unconstitutional.
Under Donald Trump, Republicans gave two TRILLION dollars in corporate welfare and tax giveaways for the few richest elites who already had the most and ran up 40% of the entire national debt, and now they don’t want to pay for it, unless it is on the backs on the poorest and neediest among us, and they are willing to hold the world economy hostage to get their way.
If the congress will not amend the debt ceiling statute, the executive branch is nevertheless obligated to COMPLY WITH THE FOURTEENTH AMENDMENT prohibition against defaulting on debts, stating that “debt incurred by the congress is valid and cannot be called into question.”
August 01, 2017