Friends, since I first came to the Senate more than a decade ago, Republicans have tried time and again to use the threat of an economic catastrophe as a negotiation tactic to extract concessions from responsible Democrats who don’t want the economy to implode.
Like you, I am sick and tired of Republicans holding the American economy hostage to get what they want.
Now, House Speaker Kevin McCarthy is attempting to unite his own caucus around a plan to tie his policy wish list to not defaulting on our debts.
Look, we all remember when President Obama tried to negotiate with House Speaker John Boehner over whether or not to default on our debt. Boehner could not unite his caucus to pass a bill, profoundly damaging the U.S. economy and our standing in the world.
I don’t need to tell you that a debt default would have serious ramifications for everyone -- from Wall Street to Main Street. It could trigger a deep recession, force the government to incur much higher interest rates on our debt, and delay payments to Social Security beneficiaries and Medicare providers.
And here’s the worst part: It would be a completely self-inflicted wound.
