TRUMP DOWNGRADE: MAGA Republicans’ Push for Debt Default Damages U.S. Credit
August 2, 2023
Today’s Trump downgrade of the United States’ credit rating by Fitch is a direct result of Donald Trump and MAGA Republicans’ extreme and reckless agenda. After the deficit increased every year under the Trump administration, Republicans – from those running for the highest office in the land to serving in the halls of Congress – have repeatedly and openly pushed the United States toward a default on its loans that would have sent our economy into chaos.
Donald Trump urged Republicans in Congress to allow the United States to default earlier this year if they didn’t get the draconian cuts they demanded.
CNBC: “Former President Donald Trump on Wednesday urged Republican lawmakers to let the United States default on its debt if Democrats don’t agree to spending cuts. ‘I say to the Republicans out there — congressmen, senators — if they don’t give you massive cuts, you’re going to have to do a default,’ said Trump, who is again running for president.”
And Trump’s congressional Republicans were willing to let the U.S. default too — prioritizing petty political games over the disastrous impact defaulting would have on their constituents.
The Hill: “[Rep. Marjorie Taylor] Greene says ‘no one is concerned’ about debt default in Republican conference”
The Hill: “Rep. Matt Gaetz (R-Fla.) said Tuesday that he and his conservative colleagues ‘don’t feel like we should negotiate with our hostage’ on a debt-limit compromise.’”
Axios: “Rep. Byron Donalds (R-Fla.) leapt to Trump’s defense, telling Axios that ‘if we enter a default situation, it might actually help us clarify some of our spending problems because a future default, if we don’t get our spending in order, is going to be much worse.’”
CNN: Rep. Ken Buck said of default, “I don’t think it’s the end of the world.”
Axios: “Former President Trump’s call for Republicans to let the U.S. default before agreeing to a compromise on government spending cuts has divided the right-wing House Freedom Caucus. … ‘I agree with [Trump],’ Rep. Kevin Hern (R-Okla.), the chair of the conservative Republican Study Committee, told Axios.”
NBC News: “Rep. Ralph Norman, R-S.C., an ultraconservative lawmaker who pushed for a debt limit standoff, said the solution is for Senate Democrats and Biden to ‘accept what we sent them’ and pass the House GOP bill as is. When he was told Democrats won’t pass the bill, Norman replied: ‘OK, then let’s face the consequences. That’s fine.’”
Tim Scott opposed President Biden’s bipartisan deal that saved the United States from defaulting on its debt.
Washington Post: “When Sen Tim Scott (R-S.C.) was asked Wednesday if he supports the legislation, unveiled over the weekend, that McCarthy negotiated with President Biden, he replied, ‘The short answer is no.’ Scott, speaking at an event hosted by Axios, sought to avoid directly criticizing McCarthy, saying he ‘did a good job of figuring out how to negotiate with someone who did not want to negotiate.’ But Scott made clear he wasn’t happy with the outcome. ‘Is it in our best interest as a nation to allow Joe Biden, someone who we cannot trust on spending, to have an open checkbook, no limit on the credit card, until the end of his term?’ Scott asked. ‘My answer is no.’”
Ron DeSantis said he would not support the bipartisan deal that averted a default.
Ron DeSantis: “This debt deal is not going to change the trajectory of our country… So I think it’s a bad deal. I would not support the deal.””
Nikki Haley railed against the bipartisan debt ceiling deal.
CT Mirror: “‘It would be easy for me to say Biden did that to us. But our Republicans did that to us,’ Haley said. ‘When you see this debt discussion that’s happening now, know that it’s a national bipartisan disgrace.’”
Vivek Ramaswamy said he would have voted against the debt ceiling deal — with no regard for sending the U.S. toward a default.
The Hill: “The biotech entrepreneur also rallied against the deal in a statement on Tuesday, taking issue with the proposed reduction from the IRS budget. ‘I would absolutely vote against the debt ceiling deal. Reducing the IRS budget from $80 billion to $78 billion doesn’t solve the essential problem of a corrupt administrative state – at the IRS or elsewhere,’ Ramaswamy said in a statement. ‘We need to think on the timescales of history, not 2-year election cycles. We should stand for principles, not incrementalism or window-dressing.’”
Mike Pence announced he opposed the deal reached to raise the debt ceiling and avoid defaulting on our debt.
The Hill: “Former Vice President Mike Pence, who is expected to launch a presidential campaign in the coming weeks, voiced his disapproval Tuesday of a budget deal struck by the White House and House GOP leadership to raise the debt limit and avert a default. ‘Congress’ debt limit deal doesn’t just kick the can down the road, it uses Washington smoke and mirror games to make small reforms while weakening our military at a time of increasing threats from foreign adversaries,’ Pence said in a statement through his political advocacy group.”