House Foreign Affairs Committee Chairman Michael McCaul said not raising the debt ceiling and defaulting would be a gift to one of the United States’ most important foreign adversaries: China.
“Our opponents are watching this very closely. They also watch when we are divided as a nation,” the Texas Republican said Sunday on ABC’s “This Week” show. “I think they would no longer like anything, especially China, to see us fail in our faith and credit under the Constitution.”
McCaul’s assessment comes as the White House and House Republicans have entered negotiations to raise the debt ceiling amid demands for GOP budget cuts.
But it’s a race against time, as the United States could default as early as the beginning of June.
Army Gen. Mark Milley, chairman of the Joint Chiefs of Staff, told Congress last week that China “describes us in its public speeches as a power in decline” and failure “will only strengthen that thought, embolden China and increase the risk to the United States.” .”
“I agree with the Chairman of the Joint Chiefs of Staff,” Mr. McCaul said, “that our adversaries are looking at this and we have to be very careful what we do. I am optimistic that we will get to a place where we can avoid this situation.