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.
