TOP LINE
The debt limit crisis mercifully is over, for now, without the Senate as much as cutting into its three-day weekend. The institutional conditions that enabled the drama, however, remain. For now, it’s back to business on the urgent matters of the day like messaging bills about appliances.
We’ll be waiting for the stalled appropriations process to restart soon. There’s already dissatisfaction in the Senate, however, with the deal’s level of defense spending and top lines generally that may mean for some interesting supplemental funding tug-of-war across the chambers.
This week the House is scheduled to be in session Monday through Thursday and the Senate Tuesday through Friday.
SCOREBOARD WATCHING
The climax of the debt limit drama last week obviously was a big sigh of relief considering the alternatives, but was an indication that a lot of what we were watching was simple posturing over decisions that nobody really wanted to make. The results, which at least by the vote tallies looked like previous divided-government debt ceiling lifts, have led to an all’s well that ends well spirit to break out amongst the punditry, or even cheers for responsible governance.
Once again, we’re the skunks at the garden party reminding everyone that a small faction of the House was able to wrest control of its agenda away for half this session and lead it out of bounds for democratic governance. A minoritarian faction may have fallen short of its maximalist demands in the end because too many colleagues were unwilling to go for broke.
Still, MAGA conservatives still got to take their shot, force the government to spend less on Democratic priorities, and further complicate the lives of some working-class Americans. These are some of the same crew that led the effort to overturn the last presidential election, and signs of their continuing commitment to democratic majoritarianism, nor that of their very online constituents, are not apparent. The structural dynamics of the House, meanwhile, will remain unchanged until January 2025, in time for this group to manufacture another crisis if they choose.
Ultimately, the extreme cost of following through on the default threat split even this faction. Many members had skin in the game in the case of a financial meltdown. Political scientists Christian Grose and Jordan Carr Peterson note that MAGA Republicans who voted for the deal owned significant stock, while opponents like Reps. Andy Biggs and Lauren Boebert did not, findings consistent with the previous debt limit crisis.
Personal portfolio exposure doesn’t explain everything, particularly given the political incentives that go along with supporting leadership’s agenda. For example, Speaker McCarthy has granted Rep. Marjorie Taylor Greene access to January 6 security footage, which she will provide to fellow right-wing conspiracy theorists. No doubt this will help her ability to fundraise from small donors.
It’s difficult to tease out the extent to which political actions are driven by ideology, expedience, and avarice. That’s why reducing non-representative motivations, such as prohibiting members from owning individual stocks, is a good idea.
Other contingencies, as always, matter a great deal to this episode. They tell us that the MAGA forces had hit the wall in the Rules Committee vote when Rep. Thomas Massie stood down. His vote could have complicated the process that came perilously close to the x-date as is, while his presence on the committee was one of the aces the MAGA folks held from their McCarthy speakership strike. What happened there is intriguing. We’re also interested in the reported side-deal for bolstering Democratic earmarks that Minority Leader Hakeem Jeffries may have wrangled for delivering his reserve of votes.
So this is probably it for big legislative accomplishments for this Congress. We will see an appropriations deal and likely an NDAA or two, but largely along the lines of this settlement. Bipartisan rumblings from the Senate indicate it might not be that sticky, as leadership immediately expressed concern about the House sequestration plan, especially for defense, but we suspect MAGA Republicans will be more careful to avoid getting the lower chamber rolled.
Related Resources
The House Administration Oversight Subcommittee has scheduled a hearing on the Office of Congressional Ethics on June 13th. OCE is the House’s independent ethics watchdog and one of the best innovations in Congress in the last quarter-century.
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