Taking a break from posting about my chapbook Hearts to update you on the United States’ struggle on the debt ceiling.
Both houses of Congress passed a deal agreed to by President Biden and House Speaker Kevin McCarthy which suspends the debt ceiling until January 2025, after the next Congressional and presidential elections. It also limits some spending over the next two years and makes changes to some programs, such as food assistance and environmental project permitting.
While I’m grateful not to have the risk of default and national/global economic consequences hanging over our heads for the next two years, I would have much preferred for Congress to have passed a clean debt ceiling bill months ago. Then, they could have debated budgetary bills as part of the usual preparation for the fiscal year that begins October first. I also prefer raising taxes on the wealthiest individual and corporate taxpayers, in order to increase spending on social needs, while decreasing the extremely high military budget. (The CBS program 60 Minutes recently aired a piece investigating part of the reason.)
One of the absurd aspects of the bill is the inclusion of special permitting and judicial review provisions for the Mountain Valley Pipeline, a partially complected methane pipeline through West Virginia and Virginia that has been held up over its poor adherence to environmental regulations. It’s a pet project of Senator Joe Manchin of West Virginia, which he has tried and failed to include in past legislation. My heart goes out to the people and places along the pipeline route that will suffer damage because of its construction. It also flies in the face of our need, in light of global warming, to stop new fossil fuel extraction and infrastructure projects.
The best course of action for our financial future would be to eliminate the debt ceiling altogether. It seems to be in contradiction with the 14th Amendment, which states, “the validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.” Whether this action comes through Congress or the courts, it would at least keep us from going through a similar scenario in the future with Congressional Republicans threatening to damage the economy if they don’t get their way on future budgetary policy.
A sigh of relief for now…