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Debt Limit Fight as Much About 2022 Politics as Fiscal Policy

Sept. 26, 2021, 11:30 AM

The U.S. is heading to the precipice of a debt default as much for the sake of campaign ads and political branding as fiscal philosophy.

While agreeing that the statutory limit on U.S. borrowing must be raised before it’s breached sometime next month, Republicans and Democrats are completely at odds over who should act.

Senate GOP leader Mitch McConnell argues that Democrats alone are responsible since they are pursuing a partisan multi-trillion dollar tax and spending plan. The Senate’s top Democrat, Chuck Schumer, accuses Republicans of trying to “dine and dash” on the cost of their 2017 tax cuts ...

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