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Of all the reforms in House rules secured by the conservative rabblerousers last week, arguably the most momentous was the promise that Republicans will not pass any debt ceiling increase until substantial budget process reforms and spending cuts are secured.
The need for such a rule would seem self-evident. The debt has risen by some $4 trillion in just two years. Government borrowing last year hit 13 figures, or $1.4 trillion. Absent budget reforms, we could easily see a decade ahead with another $10 trillion added to the debt. And don’t forget, every one-percentage point rise in interest rates by the Fed raises the debt by well more than a trillion dollars over the next decade.
So, budget hawks and those concerned about our national debt should be applauding this commitment.
Hardly. Instead, President Joe Biden, Senate Majority Leader Chuck Schumer, the entire Washington special interest community, are collectively sounding a primal scream that we will have economic Armageddon if there is even a hint of the debt limit expiring this summer. The New York Times hyperventilated earlier that “Breaching the debt limit would