Lessons learned from the debt ceiling standoff more than a decade ago are rippling through Washington.
Raising the nation’s debt ceiling had been a routine matter historically, a final task after Congress had authorized federal spending and appropriated the money needed to pay for the country's various programs and services.Saying Americans were “taxed enough already,” the tea party House Republicans arrived promising to slash federal spending, using the debt ceiling vote as their political leverage.
Spooked by the political crisis in Washington, the credit markets downgraded the nation’s credit ranking for the first time, upping the costs of future borrowing. Biden is scheduled to meet Tuesday with Democratic congressional leaders at the White House and is planning to invite McCarthy in the future.
In pushing McCarthy to drive a hard bargain in debt talks, House Republicans may be taking a lesson from the tea party era that one way to force their leadership's hand is to threaten his ouster if he caves.
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