Fox News contributor and Washington Post columnist Marc Thiessen jaw-droppingly advised conservatives to not fight President Biden over the debt limit, claiming they should make him own the disastrous economy, despite the nation being almost $32 trillion in debt.
(Video Credit: Fox News)
Thiessen contends that battling Biden on the debt ceiling is politically self-defeating. But with no budget and a debt load the nation already can’t sustain, raising the debt ceiling borders on suicide for the United States. We can’t just keep printing money to get ourselves out of what looks more and more like a depression. Perhaps an economics refresher is in order for Thiessen.
Earlier in January, the nation hit its debt limit. That restricts the amount the federal government can borrow but does not mean we are defaulting on our debt. The Department of the Treasury responded by initiating “extraordinary measures” to make sure the government fulfills its obligations. Those measures will end in early June.
Although the left asserts that it will result in a default and that we would not be able to pay our bills, conservatives see it otherwise. Instead, they see it as an opportunity to force the federal government to cut back on exorbitant spending and begin to get fiscal matters under control.
Democrats want the debt ceiling raised with no restrictions. House Republicans, who now control the purse strings, want policy concessions, including spending cuts. Biden is refusing to negotiate on the debt ceiling but it will not be raised unless both the House and the Senate agree on the terms.
If President Biden is so eager to speak on the economy, then he should set a date to discuss a responsible debt ceiling increase.
We must finally address Washington’s irresponsible government spending if we want to put America on a better fiscal path.
— Kevin McCarthy (@SpeakerMcCarthy) January 26, 2023
.@POTUS says he will not negotiate on raising the debt ceiling. I have news for him, he will negotiate because conservatives will NOT vote to raise the debt ceiling without significant reforms. pic.twitter.com/1cwJTgYOH2
— Senator Rand Paul (@SenRandPaul) January 25, 2023
On Thursday’s “Special Report” with Fox News host Bret Baier, Thiessen warned Republicans that fighting against raising the debt ceiling would actually help Biden.
“This kind of gives them a little boost,” Baier commented, referring to data showing the economy grew 2.9% last quarter. “But there are warning signs still out there for some experts.”
“I think they’re celebrating a little early and overselling the case,” Thiessen responded. “It’s progress, but it doesn’t mean the economy is strong.”
Last quarter, our economy grew at a 2.9% annual pace – solid growth, even as we continue to bring inflation down.
Our economic plan worked. And it still is.
— President Biden (@POTUS) January 26, 2023
On that point, Thiessen is correct, and claiming that the economy grew by 2.9% does not take into account the skewing of numbers due to the effects of the pandemic and inflation.
He went on to refer to polls that show Americans don’t think the economy is doing well. He used that point to disingenuously argue that Republicans shouldn’t mess around with the debt limit.
“Most Americans think the economy is doing poorly and they blame Joe Biden, which is why it would be insane for the Republicans to pick a fight over the debt limit,” Thiessen continued. “Some economists are predicting a recession later this year. Why would Republicans want to take ownership of that away from Joe Biden? Why would they want to do anything to damage the U.S. economy when it’s weak and when the recovery is so tenuous?”
The bipartisan venture of raising the debt ceiling doesn’t pit Democrats against Republicans, but Washington D.C. and Wall Street against everyone else.
Enough is enough. pic.twitter.com/uUmINCXBlg
— Mike Lee (@SenMikeLee) January 25, 2023
He added that it would allow Biden to claim, “It’s the Republicans’ fault.”
“The other thing is, Republicans tend to lose elections after debt ceiling fights,” he added. “In 1995, they picked a fight with Bill Clinton. Bill Clinton won reelection. In 2011, they picked a fight with Obama. Obama won reelection. A debt ceiling fight would damage the economy and damage their chances of winning back the White House.”
Many contend we are already in a recession if not a depression. And conservatives insisting on fiscal responsibility would not be to blame for the economy tanking. That’s the purview of the Biden administration.
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