If I run up a credit card debt with no intention of paying the bill, that is considered “fraud” and I may be prosecuted on criminal charges.
If Congress runs up the National Debt with no intention of paying the bill, that should be prosecutable with criminal charges against those representatives who voted for the initial increase in National Debt, but had no intention of voting to pay for the bill.
IMO that is tantamount to fraud and President Biden by declaring Martial Law should be able to arrest these representatives on charges of fraud.
I think that would stop this silliness once and for all.
Even so, the Repugs should not be holding programs that help people hostage. Then again, that is what the Repugs are all about- helping large corporations, big pharma and the rich, but not the people who actually need help, such as the poor, children, and elderly.
President Clinton managed to accumulate a budget surplus that he was going to use to pay down the debt and use the interest saving for social programs, such as infrastructure.
Bush promptly wasted that savings with a trillion dollar tax break , which always favors the rich .
“Reagan took the deficit from $70 billion to $175 billion. Bush 41 took it to $300 billion. Clinton got it to zero. Bush 43 took it from zero to $1.2 trillion. Obama halved it to $600 billion. Trump’s got it back to a trillion.”
Finally the Democrats are beginning to speak of applying Constitutional law that specifically states:
14th Amendment of the US Constitution.
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.
It’s about time President Biden lowered the boom on this Republican treasonous cabal.
Katie Porter does a nice job of putting that into perspective:
May 23, 2023
The debt ceiling doesn’t keep the national debt down, but it does threaten long-term financial harm. Rep. Katie Porter applied a debt ceiling to everyday life to explain why it doesn’t work.
MSNBC’s Lawrence O’Donnell offers his new theory of why President Biden might be doing everything right on the debt ceiling based on experience, guesswork, and the fact that the White House has the two most experienced negotiators – President Biden and Steve Ricchetti.
Let’s hope not.
Chris Hayes has a good related report, just how serious are Republicans about spending - or is it all about defeating Democrats, torpedos be damned?
Chris Hayes: “The Republican calculus is simple: Spend like there’s no tomorrow when you’re in power because it helps you politically. When you’re out of power, do everything possible to stop Democrats from spending in order to hurt them.”