Hon. Joyce C. Weston: Why are we talking about the debt ceiling again?

To The Daily Sun,

The term “debt ceiling” is misleading. It does not limit spending. What it does do is limit the total amount of borrowing needed to fund pre-existing spending approved by Congress.

Joe Biden is required under the Constitution to pay our past debt, including the massive debt incurred under Donald Trump. The 14th Amendment to the Constitution includes a clause that provides that the “validity of the public debt of the United States, authorized by law ... shall not be questioned.” That clause was added to the 14th Amendment because Southern states were threatening to default on paying pensions to Union soldiers. Under this clause, Biden has the authority and obligation to continue to pay pre-existing debts if Congress does not raise the debt ceiling, even if it requires more borrowing to do so.

What would default look like? No social security checks. Hospital administrators would not be able to pay suppliers. Construction workers on government contracts would not get paid. Global financial markets would seize up, possibly causing a global economic collapse.

After the default, paying for the existing national debt would become more expensive, as investors would require a risk premium. Ironically, the debt would then rise — not fall.

It is interesting the Republicans dropped their objections to government borrowing as soon as Barack Obama left office. Under Trump, they happily suspended the debt ceiling, cut taxes for businesses and rich people, and spent gleefully on their own priorities, such as “the wall.” With a Democrat in office again, however, the old “discretionary spending” arguments are back. This is an absurd political game.

Hon. Joyce C. Weston

Plymouth