The Hard Reality of a Debt-Ceiling Showdown

The Wall Street Journal editorial page issues a warning:

“The problem is that the House GOP faces an imbalance of political forces. Their majority is only five, which will shrink to four if Rep. George Santos is forced to resign. Democrats hold the Senate and the White House. All of Wall Street, bond investors, the credit-rating agencies and the financial world will be warning of debt-limit doom. The press will side as usual with the Democrats. Maintaining GOP unity as the political pressure builds will make the vote for Speaker look easy…”

“All of which means Republicans will have to pick their spending targets carefully, explain their goals in reasonable terms so they don’t look like they want a default, and then sell this to the public as a united team. The worst result would be for Republicans to talk tough for months, only to splinter in a rout at the end, and be forced to turn the House floor over to Democrats to raise the debt limit with nothing to show for it. Opportunists on the right would then cry ‘sellout,’ even if they had insisted on demands that were unachievable.”