If you’re the kind of person who worries about the U.S. hitting the debt ceiling and sees it as the same as default — it really isn’t, because the U.S. could defer other payments and pay down the owed debt, although that would mean not spending money on other priorities — then you can find ominous news. Senate Majority Leader Chuck Schumer isn’t interested in holding a vote on the House bill, but intends to spend a week holding hearings castigating it and talking about how terrible and draconian the proposed cuts are. Remember, the House bill caps spending at fiscal-year 2022 levels.
But by choosing to spend a week sitting around griping about the House GOP proposal, Schumer is demonstrating that he does not actually fear the country defaulting on its debts. If he did, the Senate would be passing its own bill, and also, not take a week off from May 19 to May 30. (The current Senate schedule, subject to change, can be found here.) If the American people face financial apocalypse, it seems a little odd for the Senate to say, “Hey, we’ll be back after Memorial Day.” (By comparison, the U.S. House of Representatives is currently scheduled to be in session from Tuesday, May 9 to May 18, and then from May 22 to May 25.) Also note that this month President Biden is scheduled to travel to Asia and Australia from May 17 to May 25. (And we all know how those foreign trips wear Biden out for a few days.)
It is possible that Schumer will change the Senate schedule and keep the Senate in session in the coming weeks, and that Biden will shorten or cancel his trip to Asia and Australia.
Sure, the numbers may say that the U.S. has nearly reached the debt ceiling . . . but the Democrats in Washington sure aren’t acting like it.