There’s no guarantee that McConnell is going to capitulate again on or before December 2. He remains intent on forcing Democrats to include hiking or suspending the debt ceiling in their reconciliation bill that will include President Biden’s Build Back Better human infrastructure and climate initiatives. Lumped together, he believes, the debt and the new package will provide a message for the Republicans who, frankly, need it. Because all they’ve got right now is “Trump.”
Unfortunately, it’s a message that certain Democrats fear and are happy to amplify. It’s unfortunate, because a) the debt ceiling is about the money the government has already spent with a huge chunk of it attributed to the GOP tax scam of 2017, and b) the things they would be spending money on are massively popular. That’s even though they don’t really know these plans are in the big package.
In the new CBS polling, which shows that public knowledge about Biden’s plans is not good, 88% of support federal funding for lowering prescription drug prices; 84% support federal funding for Medicare coverage for dental/eye/hearing care; 73% support federal funding for paid family/medical leave; 67% support federal funding for universal pre-school. Those majorities are going to be swayed a lot more by those things making their lives better than by the cost. Because that’s how it works. Which McConnell knows and which is why, in a recent example, the Republicans fought so hard to keep the Affordable Care Act from passing and then getting established.
McConnell is keeping the two fronts of this fight—debt ceiling and the reconciliation bill—tied together to kill the latter. But there is a very straightforward path for Democrats: nuke the filibuster. They could do just a carve-out for the debt ceiling (to go with the 161 exceptions that already exist), but that would be pretty crappy considering they haven’t yet decided to do it to restore the Voting Rights Act, you know, saving democracy.
Treasury Secretary Janet Yellen is all for making the debt ceiling as an issue go away. “[T]here is an enormous amount at stake,” Yellen told George Stephanopoulos on ABC’s “This Week” Sunday. “A failure to raise the debt ceiling would probably cause a recession and could even result in a financial crisis,” she continued.
“I have said I support, personally, getting rid of the debt ceiling. I believe that, once Congress and the administration have decided on spending plans and tax plans, it’s simply their responsibility to pay the bills that result from that,” she said. “And that means we have had deficits for most of the post-war period. And that means raising the debt ceiling. It is a housekeeping chore. [W]e should be debating the government’s fiscal policy when we decide on those expenditures and taxes […] not when the credit card bill […] comes due.”
That’s all very true, as is the threat we exist under that, next time, Republicans are going to force a breach. Better that Democrats to take that threat away entirely, and soon.