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What Republicans are offering, if they win the 2022 elections, is not conservatism. It is crisis. More accurately, it is crises. A debt-ceiling crisis. An election crisis. And a body blow to the government's efforts to prepare for a slew of other crises we know are coming.
That is not to say there aren't bills House Republicans would like to pass. There are. The closest thing to an agenda that congressional Republicans have released is the House Republican Study Committee's 122-page budget. The committee is meant to be something akin to an internal think tank for House Republicans. It counts well over half of House Republicans as members and includes Reps. Steve Scalise, Elise Stefanik and Gary Palmer — all the leaders save for Kevin McCarthy.
After spending some time with the document, I would say it lacks even the pretense of prioritization, preferring instead the comforts of quantity. It lists bill after bill that House Republicans would like to pass. Legislation that would upend the structure and powers of the government — like the bill sponsored by Rep. Byron Donalds that seeks to abolish the Consumer Financial Protection Bureau — gets exactly the same treatment as Rep. Bob Good's bill to force schools to release their correspondence with teachers' unions about when to reopen or Rep. Michael Cloud's resolution disapproving of vaccinating 11-year-olds in Washington, D.C. There are plans to privatize much of Medicare, repeal much of Obamacare and raise the Social Security age and no fewer than eight bills attacking critical race theory.
But even if Republicans win the House and Senate, they cannot enact this agenda. It would fall to President Joe Biden's veto. What Republicans could do is trigger crises they hope would give them leverage to force Biden to accept this agenda or perhaps force him out of office. And even where Republican leadership does not actually believe that crisis would win them the day, they may have to trigger it anyway to prove their commitment to the cause or to avoid the wrath of Donald Trump.
Start with the debt ceiling. U.S. Treasuries are the bedrock asset of the global financial system. They are the safest of safe investments, the security that countries and funds buy when they must be absolutely sure that their money is safe. Much else in the financial system is priced on this assumption of American reliability: Lenders begin with the riskless rate of return — that is, the interest rate on U.S. Treasuries — and then add their premiums atop that. If the U.S. government defaults on its debt, it would trigger financial chaos. (I guess that's one way to deal with inflation: Crash the global economy!)
Republicans have been perfectly clear, though: They see the debt limit as leverage in negotiations with Biden. "We'll provide you more money, but you got to change your current behavior," Kevin McCarthy, the Republican minority leader and possible speaker of the House, told Punchbowl News. "We're not just going to keep lifting your credit card limit, right?"