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The McClintock-Toomey bill replicates the guarantees that state constitutions have had for hundreds of years to strengthen investor confidence. It gives the Treasury Secretary discretion to prioritize among other federal obligations until the political deadlock ends, tempers cool and the parties can reach a deal. But it makes his first priority to protect the full faith and credit of the U.S.

Yet instead of embracing this insurance against default, Democrats have voted to kill it even as they cry havoc about the risk of default. The House passed McClintock-Toomey in May, but only on a 221 to 207 party-line vote after a raucous debate. The White House issued a formal veto threat, calling it “unwise, unworkable and unacceptably risky.”


House Republicans have continued to press the measure, attaching it to a continuing resolution last week. But Mr. Reid moved to strip it out, and his motion passed the Senate 54 to 44. The Majority Leader denounced McClintock-Toomey as the “Pay China First Act.”

Nice, Harry. You xenophobic jerk.

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