LETTER: GOP debt brinkmanship could cause ‘self-inflicted recession’

To Ozaukee Press:

     Prior to last year’s midterms, Republicans blamed President Biden and Democrats for record inflation, crime and the border crisis. They didn’t propose any solutions and since taking the House majority, the GOP’s priorities have switched to airing grievances through endless investigations and a complete revamping of the IRS, as proposed by Georgia Rep. Buddy Carter. His bill would eliminate personal, payroll and corporate taxes and replace them with a flat 30% sales tax on virtually all goods and services.

     In the Senate, Republicans Rick Scott and Ron Johnson have suggested that all discretionary federal spending, including Social Security and Medicare, should either sunset every five years or require annual approval.

     Even more egregious is Speaker Kevin McCarthy’s attempt at political extortion by refusing to authorize raising the debt limit unless Biden agrees to social spending cuts, including key provisions of the Inflation Reduction Act.

     The debt ceiling is currently $31.4 trillion; the maximum amount the treasury can borrow to fund obligations ranging from interest paid on the national debt to all discretionary spending. Since 1960, the debt limit has been raised or extended 78 times. The country has never defaulted; however, if the limit is not raised by June, the treasury will not be able to meet its obligations, triggering a self-inflicted recession. Stock and bond markets could plunge, world economies would be shaken and recipients of federal benefits would not receive any of their monthly checks.

     McCarthy’s brinkmanship is indefensible.

Greg Melcher

Port Washington