It seems unlikely that Congress will allow the U.S. Treasury to run out of money and be unable to pay the nation’s bills.
Such a move would be financial suicide, potentially throwing the country back into a recession.
The only question is whether the Democratic majority will get the sole credit — and blame — for allowing the country to add to its $28.4 trillion in debt, or whether it will be a bipartisan acknowledgment that there is no alternative except to borrow more money to cover the spending and tax decisions that have been made by both parties for years.
Periodically, Congress likes to play these games of political chicken over budgetary matters. Somebody better blink soon, though, before this face-off produces an economic disaster.
- The Greenwood Commonweealth
