The Republican danse macabre: Trashing the economy even if they suffer too

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The House Republicans will hurt themselves to hurt their enemies more. That should have been the takeaway from House Minority Leader Kevin McCarthy’s recent interview with Punch Bowl News.

McCarthy said that his conference is set to refuse raising the US debt-ceiling if the party takes the House after November’s midterm elections, as most expect. McCarthy made it sound like the gambit was nothing out of the ordinary. “You can’t just continue down the path to keep spending and adding to the debt,” he said Tuesday.

What would happen if the US defaulted?

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The Editorial Board’s political economy correspondent Noah Berlatsky explained: “Refusing to raise the debt ceiling would create a massive financial collapse while simultaneously preventing the US from providing aid to those most in need,” Noah wrote Tuesday. “The cost in human suffering would be nightmarish and long-lasting, permanently weakening global faith in the US economy.”

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