Speaker McCarthy made a political mistake when he spoke earlier today (6 February 2023) and supported 'raising the debt ceiling' but with 'reservations'. Our current circumstances, however, suggest that would be a very bad move.
When a government has to borrow more to pay the interest on its debt it is clearly bankrupt, but for the largese of its creditors. No one who lends money to the US Government under those circumstances has a legitimate expectation of being repaid. Repudiation of the debt may be the only choice of future generations and may be the necessary precondition for the restoration of the Republic.