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SALT LAKE CITY -- A very complicated piece of economic policy is being reduced to a very simplistic rallying point in Washington, and the consequences could be catastrophic.
Congressional Republicans - particularly the so-called Tea Party contingent - are threatening to vote against raising the nation's debt ceiling. They are playing a game of political "chicken" with enormously high stakes, and it is not a productive way to deal with the nation's debt crisis.
If Congress fails to raise the ceiling in an upcoming vote, the United States, for the first time, will default on its debt. The solvency of the U.S. is the cornerstone of the world's financial system. If America defaults, there will be a tsunami-sized domino effect, and the result could be a financial collapse that could dwarf the crisis of 2008.
Several Republicans have said they will not vote to raise the ceiling unless there are corresponding commitments to reduce debt long-term. Others have said the vote should be tied to a balanced budget amendment.
The nation's debt situation is no doubt scary, and polls show most Americans want the people they have sent to Washington to make debt reduction a top priority.
It is a problem that transcends partisanship. A solution will require long-term focus, diligence and a willingness to make difficult decisions. It is not a time for political grandstanding, and the vote on the debt ceiling should not be viewed as an opportunity to "make a point."
The "point" that the debt crises needs to be dealt with is already well-taken. KSL encourages Utah's congressional delegation to seek a constructive -- not a destructive - approach to the problem and avoid the temptation to cast a "symbolic" vote on a matter with real-world implications.
Email: cpsarras@ksl.com
