JIM WATSON/Pool via REUTERS
President Biden has taken a victory lap, praising the debt ceiling deal that helped avert the wholly manufactured crisis of a potential default. But this is no moment to celebrate. Instead, this is a moment to sue.
Biden rightfully acknowledged the debt ceiling is likely unconstitutional in the lead-up to this deal. And he was right that litigation in the days leading up to the so-called “X Date” (when the U.S. couldn’t pay its bills) would only destabilize debt markets, causing exactly the same sort of harm as default. But with this deal done, we have years until the debt comes up again, and we have to sue.
Biden is temperamentally opposed to these sorts of tactics. He loves the chance to hold up the bipartisan work of Congress he served in for so long. But the truth is that this deal isn’t just a mountainous monument to mediocrity, it isn’t just going to push millions of Americans into destitution and bankruptcy. It’s a ticking time bomb for the economy.