The House Republicans are going to destroy our country’s credit rating because they don’t seem to understand how credit ratings are determined. Take a look at this:
On the debt ceiling, [House Majority Leader, Eric] Cantor said the House will consider the Full Faith and Credit Act, H.R. 807. This bill, from Rep. Tom McClintock (R-Calif.), would require the government to prioritize interest payments on government debt if the debt ceiling is hit. “I expect the House to consider legislation in this area in the near future,” he wrote.
The government has the potential to bump up against the ceiling in May. Earlier this year, Congress passed the No Budget, No Pay Act, which suspended the debt ceiling limit through May 18.
On May 19, the debt ceiling will be equal to the level of debt accumulated by that date, which means Congress will be under pressure to act before then to increase the ceiling again.
But House Republicans have already said they would be looking for a deal to cut a dollar of spending for every dollar increase in the debt ceiling. That sets up a fight with Democrats, who will likely push for a clean extension that does not require spending cuts.
Our credit rating is based on the likelihood that we will pay all our bills on time. Even the suggestion that we might “prioritize” our payments is an invitation to downgrade our credit rating. The last time the House Republicans played around with the debt ceiling our credit rating was downgraded even though we never had a late payment. It was downgraded because it was evident that the House Republicans are insane and might “prioritize” our debt payments in the future, which is exactly what is being discussed now.
This kind of behavior is so unpatriotic and dysfunctional that it is actually an invitation to dictatorship. If our democracy is this suicidal, at what point do we just say that we won’t allow Congress to shoot us in the head?
