Ted Cruz plays with fire in latest stunt — and it could burn down the entire economy

Ted Cruz plans to filibuster an extension of the debt ceiling. His rationale is based on a rather obvious lie.

9/22/2021 11:01:00 AM

.MaddowBlog: Sen. Cruz plans to filibuster an extension of the debt ceiling. His rationale is based on a lie.

Ted Cruz plans to filibuster an extension of the debt ceiling. His rationale is based on a rather obvious lie.

yesterday, the Texas Republican isn't backing away from his threat to crash the economy on purpose.Sen. Ted Cruz, R-Texas, promised to filibuster it, saying there is 'no universe' in which he would consent to allowing a simple majority vote on extending the debt limit.

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The GOP senatorthat extending the debt limit would make it"easier for [Senate Majority Leader] Chuck Schumer and the Democrats to add trillions more in debt."That doesn't make any sense.There are plenty of members of Congress who are badly confused about the substantive details of governing. As a rule, Cruz isn't one of them. I've long argued that the Texas Republican's principle political problem is not that he's dumb, but rather, that he assumes everyone else is dumb.

His comments on the debt ceiling capture the problem nicely. As Cruz surely knows, raising the debt ceiling allows the United States to pay its bills, not to clear the way for new spending. The process is about paying for the stuff Congress already bought in the past, not giving lawmakers approval to buy new stuff in the future. headtopics.com

The GOP senator, in other words, is preparing to block important legislation — a bill that would prevent the United States from defaulting on its obligations for the first time in our history — based on a rather obvious lie.If Cruz follows through on his gambit and his effort succeeds, the results would be catastrophic. As The Washington Post's Catherine Rampell explained in her

new column:The government would have trouble paying Social Security checks, military salaries and all the creditors who'd previously lent money to Uncle Sam. A default would also violate the Constitution, which says 'the validity of the public debt of the United States ... shall not be questioned.' Finally, it would trigger chaos throughout the global financial system. Financial markets currently treat U.S. debt as virtually risk-free, with all other assets benchmarked against it. If we demonstrate that our debt is not really risk-free — that we're instead cavalier about repaying our creditors — panic would tear through other markets as well.

Again, Cruz knows this. So do McConnell and many other congressional Republicans. They've decided to play with matches anyway, even if it's their own country's economy that burns.There's still time for cooler heads to prevail. Indeed, Cruz can play his dangerous game, but it'll fail if other GOP senators derail his scheme and allow Democrats to hold an up-or-down vote on the bill before it's too late.

Read more: MSNBC »

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MaddowBlog Everything Ted Cruz ever does can be translated into… “hey MAGA people look at me, please like me, I’m begging you to like me”. MaddowBlog He needs to go back where he came from! MaddowBlog MaddowBlog “I've long argued that the Texas Republican's principle political problem is not that he's dumb, but rather, that he assumes everyone else is dumb.”

MaddowBlog 😒 MaddowBlog Of course it is. What does he do that isn't based on a lie or something he has no clue about. MaddowBlog Here they go again, lying and damaging our country because their followers are too stupid to know any better.

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