Joy Reid Slams GOP’s ‘Nihilistic’ Refusal To Increase Debt Ceiling: ‘A Party Willing To Destroy the U.S. Economy Just To Own the Libs’

 

MSNBC’s Joy Reid opened her show Wednesday by railing against congressional Republicans’ “nihilistic” refusal to increase the debt ceiling, calling them “a party willing to destroy the U.S. economy just to own the libs.”

Reid cited a report from Moody’s indicating that failing to raise the debt ceiling – which would lead to the United States defaulting on its debt – could cost up to six million jobs, wipe out $15 trillion in household wealth, and surge the unemployment rate to 9%.

A U.S. default would be “unprecedented” and “could cause serious economic and national security harm,” six former treasury secretaries wrote in a letter to Congress, Reid added.

“Confronted with that reality,” she said, “Republicans say ‘Of course the U.S. can’t default on its loans.’ But they refuse to help Democrats in any way.”

Reid then played several video clips from 2019 of then-Senate Majority Leader Mitch McConnell (R-KY) saying that the U.S. “can’t default” and that it “would be a disaster.”

McConnell’s refusal to support an increase in the debt ceiling now was “a straight up dereliction of duty,” said Reid. “He sees an opportunity here for Democrats to be forced go it alone so that he can run ads against them and get that Senate Majority Leader gavel back. That’s really all he cares about.”

Responding to the arguments from several Republicans that the reason we were approaching the debt ceiling was “a consequence of a liberal spending spree,” Reid called it a “flat-out lie,” because “part of the reason Congress needs to raise the debt ceiling is to pay for the previous bipartisan Covid relief bill passed when Donald Trump was president.”

The former president had weighed in on the matter earlier in the day, calling the debt ceiling “[t]he only powerful tool that Republicans have to negotiate with,” and said the GOP would be “both foolish and unpatriotic not to use it now.” The Democrats’ legislative agenda, argued Trump, “will destroy our [c]ountry” so Republicans “have no choice” but to oppose raising the debt ceiling.

To be clear, this debt ceiling issue has been a problem under control of both parties, and part of the underlying problem is that Congress doesn’t even follow its own rules, procedures, and deadlines for managing our budget.

In fact, since the legislation that established these rules – the Congressional Budget Act of 1974 – became law, Congress has managed to pass all their required annual appropriations bills on time only four times: 1977, 1989, 1995, and 1997.

Watch the video above, via MSNBC.

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