The White House on Monday cited examples of Democrats working with Republican Presidents Trump and Reagan to condemn House Speaker Kevin McCarthy’s Wall Street pitch for his plan to address the debt ceiling.
White House Deputy Press Secretary Andrew Bates accused Mr. McCarthy, California Republican, of “brinksmanship,” arguing that even threatening not to negotiate on raising the debt limit could have dire consequences for the economy.
“Speaker McCarthy is holding the full faith and credit of the United States hostage, threatening our economy and hardworking Americans’ retirement,” he said.
Mr. Bates said Mr. McCarthy’s call for concessions from the Biden administration was not a plan, but “brinksmanship or hostage-taking.”
Mr. McCarthy spoke at the Stock Exchange in New York on Monday, saying his party will seize on the rapidly approaching debt-limit deadline to demand spending cuts and policy concessions from President Biden.
In response, Mr. Bates pointed to two former GOP presidents, who warned that using the nation’s debt limit as a negotiating tool could upend the nation’s economic health.
The White House highlighted a 2019 quote from Mr.Trump about the need to work with Democratic leadership in the House and Senate to avoid a debt showdown. In his remarks, Mr. Trump stressed his desire to work with Senate Majority Leader Charles E. Schumer, New York Democrat, and then-House Speaker Nancy Pelosi, California Democrat, to address the debt limit.
“I can’t imagine anybody ever even thinking of using the debt ceiling as a negotiating wedge,” Mr. Trump said at the time. “[I said to] Sen. Schumer and to Nancy Pelosi, ‘Would anybody ever use that to negotiate with?’ They said, ‘Absolutely not.’ That’s a sacred element of our country.”
In a 1987 radio address highlighted by the White House, Reagan warned that debt “brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits.”
“The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility — two things that set us apart from much of the world,” Reagan said.
• Jeff Mordock can be reached at jmordock@washingtontimes.com.
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