American debt default is on the horizon

The Washington Post writes:

Democrats have set up a similar type of strategy that, if successful, will force Republicans to accept their fair share of the national debt that now tops $28 trillion. If this strategy fails, the federal government could run out of funding authority and enter another congressionally forced shutdown — the fourth in less than a decade — and create a debt crisis that could rattle global financial markets.

McConnell has declared that Senate Republicans will not vote to increase the Treasury’s authority to continue borrowing, which is the same as voting to allow a default. As he has done before, McConnell has essentially created a new rule out of whole cloth to justify his actions.

“Let me make it perfectly clear. The country must never default. The debt ceiling will need to be raised. But who does that depends on who the American people elect,” McConnell told Punchbowl News on Tuesday, acknowledging he will vote for a policy outcome he says he doesn’t want to occur.

The WaPo article points out that since Dems control the White House and Congress, McConnell is arguing that Dems alone are responsible for the government’s creditworthiness and preventing a potential economic calamity. There never has been any rule or political norm like that. In the past the when debt ceiling was increased, it usually was bipartisan and done under regular Senate order that requires at least 60 votes to end debate on the legislation.

As usual, McConnell and other congressional Republicans conveniently ignore the fact that the purely Republican 2017 tax cut for rich people and corporations adds nearly $1 trillion in federal debt each year. There was no Republican concern for federal debt. McConnell's move is pure partisan politics. The GOP is willing to blow everything up to block domestic spending. The GOP is willing to go deep into federal debt for military and rich people and corporation spending, but on spending for the rest of us.

In the past, both parties played politics with the debt limit, each blaming the other, but neither was willing to actually allow a default. These days, the GOP arrears to be willing to default to get what they really want, Democrats out of power. Once back in power, they will be OK with debt increases as long as it isn't for domestic spending. 

In 2019, McConnell vote to suspend the debt limit for two years, arguing that failure to do so would "be a disaster and, quote, put our full faith and credit at risk." That is still true.  

Rich people, corporations and the military get service and money. Most of the rest of us get screwed. 

Maybe Democrats can back down by dropping both infrastructure bills, but that alone won't be enough. There is still accumulating debt from current spending. It may be the case that congressional Republicans will not back down and that would force us into a default, but right now that feels unlikely. Attitudes since the 2020 election have hardened and further polarized, not gotten better. 

It will be exciting to see how this stink bomb plays out. If it ends with serious default, the pain most Americans will feel starting within a few weeks after a default will be serious to catastrophic, especially in these times of the Republican COVID pandemic ripping through the economy. Then the political finger-pointing will commence. We have until late October, maybe a bit longer before the default happens.

Questions: 

1. Since the American people voted Dems into power in 2020, is the onus on the Dems to back down to avoid default as McConnell now argues, or on the fascists to back down and with until they get back in power?

2. Who is most at fault here, (i) the Dems, (ii) the fascists, (iii) the American people, or (iv) voters, or is the blame spread about equally among all those groups?