Select Page

Debt ceiling fight is an old movie

Debt ceiling fight is an old movie

The villain has tied the damsel to the train track.  The speeding steam engine is bearing down.  The hero seems a long distance away.  Oh horrors!  Tragedy seems inevitable.  But no.  The hero arrives in the nick-of-time … unties the damsel and removes her from the tracks just as the Iron Horse goes speeding by.  Tragedy averted.

So it is with the Debt Ceiling.  To make this work in the political world, we must first exaggerate the danger.  If the Debt Ceiling is not increased, Democrats and the media would have you believe that the entire American economy would instantly collapse. Oh horrors!  

But that is a gross exaggeration.  There may be some temporary impact on the stock market, but most of the rest of the economy would still be moving along.  People, institutions and other nations would still be buying American debt because they know that Americans will not really default.

But we do not even have to debate whether the initial response to a failure to increase the Debt Ceiling would be slightly disruptive or catastrophic because that is not going to happen.  At the last minute, Congress will increase the Debt Ceiling – but only after they use the interim period to play the partisan blame game.  Who will get blamed for the dramatized economic disaster that does not happen?

For the most part, Senate Minority Leader Mitch McConnell will likely win the blame game.  Why, you ask?

Initially, because he is drawing attention to the Democrat’s propensity to spend too much of the taxpayers’ money.  They can point out that some of the debt that has occurred is the spending of the Trump administration.  That is technically true, but that spending was happily approved by congressional Democrats and much of it was due to the Covid Pandemic.  And I do believe that Trump and the Democrats spent too much on the stimulus packages and the unemployment compensation.

Democrats are in a bind.  They have control of the Senate, the House and the presidency.  They do not need a single vote from Republicans to increase the Debt Ceiling.  Refusing or delaying the vote to increase the Debt Ceiling is on the Democrats.  They only want GOP votes for political cover.

The need to raise the Debt Ceiling does not only involve the Trump administration.  There are billions of dollars of new spending passed by the Biden administration.  There are old debts incurred before Trump.

And contrary to Democrat claims, raising the Debt Ceiling does have an impact on future spending – those obnoxious trillions of dollars that Biden and the Democrats want to pile on the back of the American taxpayer.  They are literally creating a floor that will require a future increase in the Debt Ceiling – another avoidable crisis..  

Yes … Biden says his Infrastructure Bill and the Reconciliation Bill have no cost, that is a bald-faced lie.  Taxes on the super-rich will cover a small portion of the cost – but not all of it.  Furthermore, the corporate tax will be passed on to the consumer – all of us who buy anything.  In fact, nonpartisan and even liberal tax monitoring organizations say that the middle class and the lower class will pay 70 percent of the costs of the Biden “Build Back Bad-er” scheme.

We know that Biden is lying about covering all the costs because the Reconciliation Bill has not even been written.  No one knows what will finally be in it – much less the cost. Biden is just heating up the planet with more hot air.

There are three options – (A) Republicans provide the necessary votes to reach 60, (B) Senate rules are changed to get rid of the filibuster or (C) Democrats use reconciliation to do it on their own – as McConnell says.  If you picked (C), you are probably correct.

The periodic Debt Ceiling “crisis” is as much in America’s future as it is in the past.  McConnell wins on this one because generally the American voters do not like raising the Debt Ceiling.  It is a reminder that those folks in Washington are still spending too much … and taxing too much.   

So, there ‘tis.

About The Author

Larry Horist

So,there‘tis… The opinions, perspectives and analyses of Larry Horist Larry Horist is a businessman, conservative writer and political strategist with an extensive background in economics and public policy. Clients of his consulting firm have included such conservative icons as Steve Forbes and Milton Friedman. He has served as a consultant to the Nixon White House and travelled the country as a spokesman for President Reagan’s economic reforms. He has testified as an expert witness before numerous legislative bodies, including the U. S. Congress. Horist has lectured and taught courses at numerous colleges and universities, including Harvard, Northwestern, DePaul universities, Hope College and his alma mater, Knox College. He has been a guest on hundreds of public affairs talk shows, and hosted his own program, “Chicago In Sight,” on WIND radio. Horist was a one-time candidate for mayor of Chicago and served as Executive Director of the City Club of Chicago, where he led a successful two-year campaign to save the historic Chicago Theatre from the wrecking ball. An award-winning debater, his insightful and sometimes controversial commentaries appear frequently on the editorial pages of newspapers across the nation. He is praised by readers for his style, substance and sense of humor. According to one reader, Horist is the “new Charles Krauthammer.” He is actively semi-retired in Boca Raton, Florida where he devotes his time to writing. So, there ‘tis is Horist’s signature sign off.

13 Comments

  1. Dan Tyree

    The commiecrats are good at spending other people’s money

    Reply
  2. FrankstetsoN

    Larry, simply compare how the last debt ceiling vote took place and who did what against this go-round and I think the game and the players are all unveiled.

    It’s participative government with one side deciding not to.

    Over a procedural vote that only causes checks to be written for things both sides already purchased. Sort of like both sides ordering from Amazon during Trump’s reign, putting the charges on the credit card, and now McConnell won’t approve writing the check. for the Amazon bill for stuff we bought mostly from the Trump era. McConnell now suggesting he won’t pay for things he bought and instead he says Dems must use reconciliation to not only pay Trumps charges but to cover future charges like the bbb bill. Cause then he can use it for his 2022 message.

    Good luck with your new game Mitch. In this game of chicken, you will blink first.

    Reply
  3. Joseph S. Bruder

    Republicans are driving Democrats to change the filibuster rule, because they think there will be a backlash against it. In reality, Republicans have long wanted to drop the rule, because they can barely get a majority, much less a +10 majority. But McConnell didn’t want to be the one who did it, so he could point to the “cheating Democrats”.

    The filibuster is not in the Constitution, it’s a hold-over from Jim Crow legislation days. Biden will use this opportunity to kill it, and he’s letting McConnell take the heat, both for forcing its death and for driving the economy to the brink of disaster. Double win for Biden.

    Biden could use up his one shot at the reconciliation bill to raise the debt ceiling and lose his opportunity to pass his big public investment bill, or he can kill the filibuster altogether and have filibuster-free legislation opportunities for at least another year, if not 3 years. I personally think that Trump will screw up Republicans’ chances to take back the House and Senate, and I’ll bet Biden is making the same calculation. Trump’s endorsement has been the kiss of death since his loss (and even before then), but McConnell iseems to think otherwise and is betting the other way.

    Manchin and Sinema like to pretend that they’re opposing everything, but (like Collins and Murkowski) in the end they’ll fall into line and still tell Republicans they got “major” concessions. Even in the minority, irrelevant Collins is still doing that (now she’s “concerned” about the extreme abortion legislation in Texas that she enabled by confirming McConnell’s fraudulent SCOTUS picks). My guess is that Collins and Sinema and possibly Manchin will get ousted anyway, at the earliest opportunity.

    Like Larry, Republicans are still stuck in tic-tac-toe mode, while Biden is playing multi-dimensional chess…

    Reply
    • Dan Tyree

      Retard joe only has 38% approval ratings and losing ground every day. The commiecrats are going to get schlonged next year and some sanity will return to the house and senate. I don’t recall any other so called president that has huuuge numbers of people giving him the “greeting “ as your moron does. Yes, it’s happened to others but not on nearly as large a scale. More state houses and governor seats are going to turn a big beautiful RED. So you commie trolls are going to be asking “who farted?”

      Reply
  4. frank stetson

    hmmm, I see Dan is now reading and believing the mainstream media now that it fits his narrative.

    Reply
    • Dan Tyree

      Sometimes a blind squirrel will find an acorn. The fake news organizations are sometimes forced to admit the truth. I noticed that you didn’t deny what they reported

      Reply
  5. frank stetson

    How could I deny that they reported it? They reported it; you said so.
    Did you mean denial of something else than just the reporting?
    And really funny; when I asked them, they said the exact same thing about you accepting this fact.

    FYI – if I was to say something its:
    1. a single data point does not make a trend
    2. other polls have him rated higher, average is 44% approval. At this point in time, same polls had Trump at 38%.

    News at 11.

    Just fyi. News at 11. I agree that it’s better to be up than down, the rose has wilted, hero’s love adversity, the sun also rises, and we all pray that the President does well for all of us.

    Reply
    • Dan Tyree

      A lot of people are saying publicly that they wish they had their votes back. And they were retard joe’s brain dead crowd

      Reply
    • larry Horist

      Frank … you seem to be trying to make a case that Biden’s numbers are good … at least okay. Democrats have pointed to Trump’s low ratings for most of his presidency. They you suggest that Biden is okay because one poll shows him 6 points ahead of Trump … and another tied at 38 percent. Virtually every pundit — left and right — view Biden’s polling numbers a a big problem. This is not an area where there is a lot of room for opinion. Biden’s numbers suck — and the comparison to Trump is meaningless whataboutism. I also do not think Biden will pull out significantly before the 2022 election. He has — and has caused — too many problems that are currently unfixable.

      Reply
  6. FRANK STETSON

    A lot of more people are saying Trump is a lying con artist bilking millions for donations to his lifestyle.

    Even more people are saying Biden is the best President ever.

    But some say pretty good.

    Others say Trump is the Covid kid. Lots. Publicly.

    DOJ says coup coup kachoo.

    Reply
    • Dan Tyree

      You must be smoking some strong shit. If most people were saying that the retard was the best president his poll numbers would be above 38 or less percent and falling. So save your commie propaganda for the libturds. And if what you said is true, even CNN wouldn’t be worried about the old fool. You people are pathetic.

      Reply
  7. frank stetson

    Gotta love a main stream hater that keeps watching main stream media.

    And yet still gets his beliefs from the turnip patch.

    You’re right. Clinton was the best. Then Obama, and then Biden.

    What exactly is a libturd? I mean are you insinuating a liberal turd, as in large? How ever would you know? And then what are you, a conservaturd? Does that mean you waste not want not, conserving all you can? Wow, no wonder you need personal freedoms but shouldn’t your crowd be embracing the masks?

    And then the commie stuff again. Can you name one person who is known, is a commie, and you can prove it?
    Can you name the top five commie programs we’ve enacted?
    Are you related to Joe McCarthy?
    How can you cream in your jeans when you hear Trump scream Putin, I love you. You just gotta get some more of that stuff, but you seem terribly bothered by your friendly neighborhood variety of commies?

    Listen, I need a favor. I need 14,000 votes. Just find em please.
    Listen, who wants to get rid of Rosen and put in Clark. I know Rosen is here, doesn’t matter. Keep him or vote him off the Island?
    Big show in Idaho tonight! Standing room in ER’s only.

    Reply
    • Frederick morris

      The lies about Trump is only destroying the country. And 90% of the democrats agenda is socialism all the way. Sometimes it’s not what they are doing. It’s what they aren’t doing. Like standing up for law and order. And at the same time trying to make it harder on citizens to defend themselves. Inflation and gasoline prices are going through the roof and the September job numbers really sucked. Shortages are going to get worse and soon, in some parts of the country, society is going to break down. I’ve known and prepared for this for several years. My family and I will probably be ok but you liberal sheep will fall on your faces. McCarthy was mentioned. The fact is, the man was right. But communist in our government destroyed him just like the communist in today’s world are trying to destroy Trump. But let not your hearts be troubled. The strong will survive. And it won’t be by embracing socialism

      Reply

Leave a reply

Your email address will not be published.

  1. Interesting that you've constantly defended Trump over the last four years... now we're seeing chinks in the wall - first,…