Republicans offer posturing, not policy

America pays its debts. It is a basic pledge. Millions of Americans who hold savings bonds or put their hard-earned money into federal treasury bonds need not worry. The bonds are good; the interest will be paid. The reason the dollar is the currency used by countries across the world is that America pays its debts.

- Jesse Jackson, Tribune Content Agency

This article was originally published on the Friday, April 28, 2023 edition of Scoop Digital to read Rev. Jesse Jacksons articles each week, subscribe to ScoopUSA Media. 

Now Republicans are holding that pledge hostage, demanding savage cuts in spending or they will default on America’s debts by refusing to raise the debt ceiling. The threat is nuclear: failing to pay our debts will sink the value of the dollar, shake the global financial system, drive interest rates higher, and blow up the economy here and most likely across the world. Millions will be thrown out of work.

The threat is also stunningly irresponsible. The tantrum of a child or a mad person. Give us what we demand, or we will blow up the economy.

The threat is about paying debts that the Congress has already accumulated. Over one-third of this debt – a staggering $8.3 trillion of it – was racked up in the four years under Republican President Donald Trump – largely from massive top-end tax cuts and for massive emergency spending in the pandemic. Now Republicans are saying that they will renege on the debts that they helped accumulate if they don’t get their way.

So what do they want? Amazingly, they refuse to say.