I still think he is privately bluffing, but imagine playing the "I will blow all of it up" card for... what does McConnell even want, the Dems not to pass their very weak $3.5T infrastructure bill?
What he wants is very banal, it's merely to stop the Democrats from getting a political win.
Yeah he's simple to understand once you realize that the smokescreens he puts up are just that. He wants to acquire and exercise power and prevent the Democrats from doing so. Everything follows from that.
He said it during the Obama years and it worked. McConnel was pretty open about wanting to shut down literally anything Obama tried to pass.
Really sucks that Biden won't propose a bigger spending bill as a fuck you to McConnell after he sets off the debt bomb.
Don't they do this literally every year? This is congress' whole schtick, saying "oh nooo big bad scary debt ceiling coming up give me what I want mr. president or I won't raise this arbitrary number on the imaginary wealth that we create despite knowing that we will inevitably have to raise it anyways because both the domestic and global economic economic systems depend on it."
One question: If worst case scenario comes to pass, will this crash the housing and rental markets?
I am calling it now. If they don't raise the debt ceiling, the Federal Reserve will buy defaulted treasuries for full price and sell from their massive reserve of treasuries to compensate.
The Fed is basically a rogue agency with vast powers, I can see them doing whatever it takes. Hell, just print money and buy treasuries with it.
The old Platinum Penny idea has been floated a number of times.
"Just mint a coin with $1 Quintillion Dollars written on it and deposit it in the Treasury and then you have unlimited money forever, the end".
Technically possible. But too ballsy for any sitting President to try just yet.
