WASHINGTON (AP) — Fights over increasing the nation’s borrowing authority have been contentious in Congress, yet follow a familiar pattern: Time and again, lawmakers found a way to step back from the brink before markets began to panic and the nation risked a dangerous default on its debt.
But this year’s fight has a different feel, some lawmakers say.
A new Republican majority in the House is itching for a spending showdown, and determined not to yield. They blame what they view as excessive federal spending for higher food and gasoline prices and the growing national debt. Led by Speaker Kevin McCarthy, they have ruled out passing a “clean” debt ceiling increase even as the White House insists such legislation be passed without conditions. It’s an impasse that shows no signs of easing ahead of this summer’s deadline for action.
“Very worried. Very worried,” was how Rep. Patrick McHenry, R-N.C., a close McCarthy ally, described his outlook. “And frankly, I don’t see how we get there at this point. There’s no process set up, there’s no dialogue, there’s no discussion.”
The political conditions are comparable to 2011, when a new Republican majority swept into power after a resounding election win and was determined to confront a Democratic White House and extract major spending cuts in return for a debt limit increase.