Las Vegas Sun

March 28, 2024

Sun Editorial:

Republicans’ political posturing over nation’s debt only hurts the nation

In the wake of the deal to raise the nation’s debt ceiling, Republicans have crowed about how they “won” because the final plan didn’t include any tax increases. House Speaker John Boehner bragged that he got “98 percent” of what he wanted, and House Budget Committee Chairman Paul Ryan declared that Obama “failed.”

The fact that key Republicans are so glib about this situation is appalling. Shoved by the Tea Party, they pushed the nation to the brink of defaulting on its debt, and the way they dragged out the situation has only hurt the country. Analysts weren’t thrilled, and one major credit rating firm attached a negative outlook to the nation’s credit rating, putting a pall on investors’ confidence in the country.

This will only hinder the country’s economic recovery, and that’s no help to the millions of Americans who are out of work. Yet Republicans have the audacity to gloat over what they see as a political victory. They should be ashamed.

Americans want to see Washington work, and this isn’t a picture of things working. It’s frustrating to watch, especially because there is more to do.

The agreement, which was signed by the president Tuesday, requires Congress to cut $1.5 trillion more from the federal deficit. Under the agreement, leaders in Congress will appoint a bipartisan committee of 12 members, six each from the Senate and the House of Representatives. The committee will have until Nov. 23 to make its recommendations. Congress will then have until Dec. 23 to vote on those recommendations.

If Congress fails to approve the committee’s recommendations, it will trigger $1.2 trillion in cuts that have been selected, including steep reductions to defense and domestic programs. That should be a motive for lawmakers to get something done.

The president and Democrats have called for the committee to take a balanced approach and include both spending cuts and revenue increases. As we have said before, that only makes sense. The question is whether the committee will consider it, and that will depend on its makeup and whether Republicans are willing to negotiate honestly.

Senate Majority Leader Harry Reid said he would pick people who will consider raising revenue, saying he wanted people who are “willing to make hard choices but are not locked in.”

But don’t expect the Republican leaders to do the same. They have again declared their opposition to any new revenue being part of the deal. Led by the Tea Party, Republicans in Congress have pursued a crusade against taxes and government. For example, they have repeatedly blocked plans that would end lucrative tax breaks for the richest Americans and major corporations. They have also opposed ending healthy subsidies to oil companies, which have said they don’t need them.

That’s odd considering the Republican rhetoric. They’ve said they have a mandate from the people, yet polls show that Americans are willing to raise taxes on the rich and big corporations. Republicans also say that government should be run like a business, but no business in its right mind would create long-term plans without considering how it would increase revenue.

The clear path to setting the nation’s financial house in order is to make strategic cuts and raise revenue, and to do that will require the cooperation of both parties. For Republicans, that means shedding their rigid adherence to their narrow ideology and doing what’s best for the country.

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