Kevin McCarthy, leading (or perhaps following) his party’s MAGA extremists, claims to be oh-so-concerned by our national debt that he is threatening default for the first time in history. Yes, the national debt is too high. But, yes, it is the result of budgets already approved by both Republicans and Democrats in Congress.
If Republicans were truly concerned about the high debt, they shouldn’t have approved tax cuts for the very rich, during former President Trump’s mis-administration, while reducing resources for Internal Revenue Service tax collection.
Reduced revenue along with higher spending increases debt. Default on financial obligations that have already been incurred will lower our nation’s credit rating. That will increase the cost (interest rate) for governmental borrowing. Higher borrowing costs will increase the national debt even higher!
McCarthy’s refusal to raise the debt limit will actually increase the very debt he pretends to want to reduce.