“When Republicans are out of office, they talk about reducing the deficit; when they have power, they introduce policies that increase it,” JohnCassidy writes. “This is a long-standing pattern.”
Last Thursday night, when the U.S. Senate passed, by a vote of sixty-three to thirty-six, the Fiscal Responsibility Act of 2023, raising the nation’s debt ceiling until January 1, 2025, and capping federal spending for a couple of years, it effectively ruled out the possibility of a U.S. debt default, at least for now, and brought a long-running political saga to an end.
At Friday’s White House press briefing, Press Secretary Karine Jean-Pierre was asked about Fitch’s announcement. She pushed back on Fitch’s concerns, saying the debt-ceiling agreement insured that the U.S. government would continue to meet its financial commitments, and adding that the market for U.S. Treasury bonds “remains the safest, the deepest, and the most liquid market in the world.
There can be no wholly reassuring response to these statements. Last week, as federal judges continued to sentence to prison participants in theon Capitol Hill, the man who instigated the violent attack was flying to Iowa and leading the 2024 G.O.P. Presidential primary polls by about thirty points.
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