The Republican House majority is itching for a spending showdown and determined not to yield on the debt ceiling. Critics warn of a potential recession.
Fights over increasing the nation’s borrowing authority have been contentious in Congress, yet follow a familiar pattern: Time and again, lawmakers found a way to step back from the brink before markets began to panic and the nation risked a dangerous default on its debt.A new Republican majority in the House is itching for a spending showdown, and determined not to yield. They blame what they view as excessive federal spending for higher food and gasoline prices and the growing national debt.
But some damage was done. Standard & Poor’s Ratings Services downgraded U.S. debt for the first time that year because it lacked confidence political leaders would make the choices needed to avert a long-term fiscal crisis. Republicans say they are determined that Biden, who was Obama’s vice president during both of those debt ceiling battles, will have to follow the path set in 2011 — not the one set in 2013.
“Look, there’s gonna be shrapnel all around, right. Right?” Perry said. “Everybody might take some wounds from it, but he’s not walking out of this thing unscathed.” Democratic Rep. Gerald E. Connolly of Virginia said what concerns him most is that some Republicans believe the damage from a federal default is manageable, rather than to be avoided at all costs.
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