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The Media Can’t Get Enough of the Debt Ceiling

The debt limit on government spending was a jury-rigged response to the unforeseeable expenses of the United States’s entry into World War I, but it’s hard to resist the notion that it was actually designed to expose the studied inanity of journalistic discourse. For the century-plus that we’ve been saddled with the debt ceiling, it’s been formally raised more than 100 times—and most of those hikes have perversely increased long-term public debt, since they defer outstanding interest payments. What’s more, the legal rationale for maintaining the debt ceiling is iffy at best, since the public debt clause of the 14th Amendment stipulates that “the validity of the public debt of the United States…shall not be questioned,” while debt obligations of the defeated Confederacy were to be repudiated.

This uncontroversial historical backdrop should make it fairly straightforward to report on the ideological hijacking of the certification of the government’s outstanding debt for what it is: an effort to force unpopular and widely destructive cuts to public spending under threat of a government default. Lacking either the mandate or the political courage to make a case to the public for a regressive austerity program, congressional Republicans are resorting to hostage-taking, threatening to spark a global credit collapse and/or recession simply because they can.

Yet our mainstream political press resolutely professes not to see these plain facts, since the reality defies the patty-cake logic of both-sides equivalency and phony bipartisanship that functions as the catechism of the D.C. press corps. As the government officially breached the debt ceiling late last week, The New York Times promptly phoned in this pseudo-explanation: “The milestone of reaching the $31.4 trillion debt cap is a product of decades of tax cuts and increased government spending by both Republicans and Democrats. But at a moment of heightened partisanship and divided government, it is also a warning of the entrenched battles that are set to dominate Washington, and that could end in economic shock.”

All the requisite touchstones of fretful both-sides concern trolling are neatly distilled here. Readers are informed that, naturally, the debt ceiling’s approach was engineered by both major parties—but they don’t get told that the GOP’s opportunistic pivot to high austerity-mongering only happens when Democrats are in executive power. It would be a bit like the paper of record’s sports desk grudgingly taking note that footballs were deflated when both the New England Patriots and the Indianapolis Colts were on the playing field in the 2015 AFC championship game and concluding that we can’t know what really happened, but clearly both teams must have been at fault. Then the Times sagely tells us that the baleful threat here comes from the amorphous forces of “heightened partisanship and divided government,” which bring with them the dread specter of “entrenched battles,” mysteriously landing us all in possible “economic shock.” These are held to be deviations from some never-specified golden mean of tranquil accord across the aisle—even though the genuine source of the pending debt confrontation is actually the intraparty struggle for power on the GOP side, which produced a speakership deal for Kevin McCarthy by compelling him to force a debt showdown at the behest of the party’s hard-right Freedom Caucus. When Donald Trump presided over a similarly divided Congress, he got clean votes to bypass the debt ceiling as he spent lavishly—but that species of divided government somehow doesn’t rate a mention when the congressional right goes into full extortion mode.




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