Republican Fiscal Irresponsibility Threatens Enormous Consequences

Once again, the United States stands at the brink of painful and unnecessary economic catastrophe because of the Republican Party’s inability to govern or negotiate in good faith with Democrats.

Mere days away from a government shutdown, Republican Speaker Mike Johnson sent his caucus home for the weekend after initial attempts to cobble together a budget proposal collapsed.

The day after that, Moody’s—the last major credit agency with which the United States enjoys a AAA rating—issued a public statement suggesting they may downgrade that score due in part to increasing political polarization and the inability of elected officials to negotiate a budget.

In other words, the GOP’s inability to govern and work in good faith with Democrats may once again cost the United States—both reputationally and financially, to the tune of hundreds of billions of dollars in additional fees when the U.S. inevitably borrows more money to pay its bills.

This is the third time in 13 years that Republican brinkmanship has wounded America.

First was when the GOP attempted to extort President Barack Obama for concessions during debt ceiling negotiations in 2011. Standards & Poors subsequently downgraded the U.S. from a AAA credit score.

Second was quite recent: earlier this year, after House Republicans attempted the same play against President Biden in their debt ceiling standoff, Fitch—another major credit agency—downgraded America again.

Blows to America’s financial reputation means that lenders will demand the U.S. pay additional fees as collateral, because the loans are perceived to be riskier.

This is yet another manifestation of the Republican Party’s longstanding fiscal irresponsibility. They will do anything to “own the libs,” even if it means grievously wounding the very country they claim to serve.

Americans should punish them accordingly at the ballot box next year.