The Case for Risking Default on the Debt

The sun sets over the U.S. Capitol building in Washington, D.C., on Jan. 5, 2023. Nathan Howard/Getty Images

Commentary

The same old game is starting all over again. The big spenders in Congress and the administrative state are demanding an increase in the debt limit. Republicans aren’t happy about it. They are demanding some fiscal responsibility. The negotiations begin. But the cards are stacked, and why? Because the bad guys in this drama always have a central threat that the good guys do not: the prospect of default.