OPINION: Sometime in 2023, the United States will hit the debt ceiling. Failure to raise the ceiling in time would be a disastrous shock to the nation and a world economy reeling from inflation, a looming recession and the impact of the Ukraine war.
Sen. Joe Manchin, D-West Virginia, outside of a meeting with Senate Democrats at the U.S. Capitol Nov. 29, 2022, in Washington.
What’s the rush if we don’t hit the cap until later next year? Republicans, who assume the House majority on Jan. 3, are threatening to hold the debt ceiling hostage unless Democrats capitulate by accepting unpopular spending cuts which may include cutting Social Security, Medicare and Ukraine aid. The Biden administration and Senate Democrats won’t accept these cuts and the American people never voted for them in November.
But the threat of default is far more dangerous this year. First the Republican majority will be its narrowest in decades and the new likely Republican speaker will be weak and inexperienced. With a margin of only a few votes, the speaker will depend for power on extreme Republican members such as Marjorie Taylor Greene. That gives those voices the kind of outsized influence that Democratic Sen.Joe Manchin has held over Democrats in the evenly divided Senate.
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