Rep. Michael McCaul (R-TX), chairman of the Foreign Affairs Committee, warned during an interview on Sunday that America’s enemies would love to see the U.S. default on its debt.
McCaul made the remarks on ABC News’ “This Week” when asked about comments from former President Donald Trump, who endorsed the U.S. defaulting on its debt if the White House does not agree to spending cuts.
“Well, this is always a game we play, every Congress, you know, in daring each other to jump off the cliff,” McCaul said. “It’s a dangerous game. I think defaulting on our full faith and credit, any financial person would tell you, that’s very catastrophic.”
Host Jonathan Karl later played a clip from General Mark Milley, chairman of the Joint Chiefs of Staff, who recently said, “China, right now, describes us, in their open speeches, et cetera, as a declining power. Defaulting on the debt will only reinforce that thought and embolden China and increase risk to the United States.”
When asked if he was worried about the national security implications of defaulting, McCaul said, “Sure, right, our adversaries look at this very closely.”
“They look at when we’re divided, too, as a nation,” he said. “I think they would love nothing more, particularly China, to see us default, you know, on our full faith and credit under the Constitution. I took an oath to the Constitution. I think defaulting is not the right path to go down.”
McCaul said that it would be “disastrous” for the U.S. to default on its debt.
“And I think any financial investor will tell you that. I think any economist will tell you that,” he said. “And I agree with the Chairman of the Joint Chiefs that our adversaries are looking at this, and we have to be very careful what we do. I’m optimistic we will get to a place where we can avoid that situation.”
WATCH:
ICYMI🚨CHM @RepMcCaul sat with @jonkarl on @ThisWeekABC today to discuss the crisis at our southern border and the passage of HR 2, the debt ceiling, Putin’s unprovoked war of aggression on Ukraine, and the latest on his Afghanistan withdrawal investigation. WATCH⬇️ pic.twitter.com/scLux4itAw
— House Foreign Affairs Committee Majority (@HouseForeignGOP) May 14, 2023