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House Speaker Kevin McCarthy sent a clear signal Tuesday: The chances of a debt limit breach and subsequent government default and economic calamity aren't only very real, but fairly high. Probably higher than 50-50. Maybe a lot higher. And McCarthy has no idea how to get out of it.
McCarthy sent a letter to President Joe Biden on Tuesday morning ostensibly laying out demands for raising the debt limit in order to avoid a U.S. government default. The missive, which hand-waved at a few policy generalities, wasn't a real attempt to negotiate. Instead, the speaker's effort seemed like an attempt to appease various factions within the House Republican conference.
The apparent lack of seriousness with which McCarthy is approaching the debt ceiling deadline, now a few months away, should worry anyone concerned about the stability of the global economy. But it's also a reminder that McCarthy doesn't understand that his true job as speaker includes absorbing punishment as a way to shield his members.
Skilled party leaders such as former speakers Nancy Pelosi and John Boehner and current Senate leaders Chuck Schumer and Mitch McConnell appreciate that taking the heat — from the public, from party ideologues — it is a key part of leadership. For McCarthy, living up to his responsibilities would mean offering credible ideas to get the talks rolling, even if he faced rebukes from members of his caucus for the sin of engaging with the White House.
Unfortunately, McCarthy is leaning on a familiar playbook. Each time Republicans have controlled the House over the last 30 years, they have chosen to hold the nation hostage over the debt ceiling or government spending bills, or both, by staging extended government shutdowns and dangling the threat of a potentially devastating government default.
(Indeed, Republican majorities keep doing it as a substitute for normal bargaining even when they're not new — thus the extended shutdowns of 2013 and 2017-2018. There has never been an extended government shutdown beyond a long weekend caused by Democrats in Congress; nor have Democrats ever forced a crisis over the debt limit.)