Regardless of whether or not you think it is a good idea, our Constitution was designed with multiple veto points meant to create a bias toward status quo. The basic idea is that if you want to make large changes, you either need broad concessions or to definitively win the support of the public in a series of elections to gain full control of the House, Senate, and Presidency. Otherwise, the default position should be for things to remain relatively unchanged.
House and Senate Republicans apparently now hate the Constitution. The GOP feels despite winning control of only the House, but not the Senate or the White House, they should actually be given the power to unilaterally impose massive change. Since they failed to win enough elections to rightfully get this power under the Constitution, they are now claiming they will use a quirk in the system for financing our debt to destroy our entire economy, unless power is seceded to them. From Politico:
One day after being named to a presidential task force to negotiate deficit reduction, House Majority Leader Eric Cantor fired off a stark warning to Democrats that the GOP “will not grant their request for a debt limit increase” without major spending cuts or budget process reforms.
The Virginia Republican’s missive is a clear escalation in the long-running Washington spending war, with no less than the full faith and credit of the United States hanging in the balance.
If this radical nihilistic tactic works, it will basically stand the entire principle of our Constitution on it is head. Instead of our system’s veto points being used to favor maintaining the status quo, therefore requiring decisive political wins to enact partisan changes, the veto points will now be the tool of a minority to threaten reckless destruction in order to force sweeping change, despite failing to win elections.
That is a truly frightening way to run a government.