How House Republicans plan to crush your 401(k)
1 year, 10 months ago

How House Republicans plan to crush your 401(k)

Raw Story  

The most powerful Republican wants to put millions out of work. Verily I say unto you A new Moody's report says failing to raise the debt limit by some time in June would immediately send the economy into a recession. "The damage could spiral to seven million jobs lost and a 2008-style financial crisis in the event of a prolonged breach of the debt limit, in which House Republicans refuse for months to join Democrats in voting to raise the cap," the Times reported Tuesday. Even if House Republicans were to succeed in securing their ransom demands in exchange for not crashing our economy, which Joe Biden has said he's unwilling to consider, 2.6 million Americans would be put out of work, according to the same analysis. McCarthy can't, just can't I don't need to remind you that Kevin McCarthy only leads the House because of a series of concessions to the freak wing of the Republican Party, the kind of walking Facebook posts whose greatest accomplishments include barely avoiding charges for child sex trafficking or harassing a survivor of a school shooting.

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History of this topic

Democrats dodge a debt ceiling deal
4 weeks ago

Democrats dodge a debt ceiling deal

Politico  

“Let’s get rid of the debt limit. As much as Democrats would love to disarm this particular legislative time bomb, they’re not in any mood to negotiate with Republicans after Trump and billionaire ally Elon Musk sabotaged the prior deal to keep the government open and provide billions in disaster and farm relief. Rep. Brad Schneider, the incoming chair of …

Biden Urges Republicans To End Debt Default Threat At Oval Office Meeting
1 year, 8 months ago

Biden Urges Republicans To End Debt Default Threat At Oval Office Meeting

Huff Post  

LOADING ERROR LOADING WASHINGTON — President Joe Biden on Tuesday repeated his warning to Republicans not to hold the nation’s economy hostage to their budget-cutting demands, this time at a White House meeting about the looming deadline to increase the nation’s borrowing authority to avoid defaulting on the national debt. Biden met with House Speaker Kevin McCarthy, who on behalf …

Debt options abound, but can Biden, McCarthy strike a deal?
1 year, 8 months ago

Debt options abound, but can Biden, McCarthy strike a deal?

Associated Press  

WASHINGTON — The White House and Congress could strike a deal to raise the debt ceiling in exchange for budget cuts. As President Joe Biden meets Tuesday with House Speaker Kevin McCarthy and other congressional leaders for the first time over the debt ceiling crisis, the options for easing out of the standoff are many. More likely, Democratic president Biden …

Debt ceiling: Congress currently has two options for avoiding economic catastrophe—but they have some serious pitfalls!
1 year, 8 months ago

Debt ceiling: Congress currently has two options for avoiding economic catastrophe—but they have some serious pitfalls!

Slate  

On Monday, Treasury Secretary Janet Yellen sent Congress an update on when the government could run out of cash to pay its bills. But rather than gaming out the available legislative days and arcane procedures in House rules, let’s focus on the bigger problem with this approach: Getting 218 House members—not to mention 60 Senators—to commit to a clean debt …

House Republicans pass U.S. debt bill, push Biden on spending
1 year, 8 months ago

House Republicans pass U.S. debt bill, push Biden on spending

LA Times  

Speaker of the House Kevin McCarthy arrives for a closed-door meeting with fellow Republicans as he pushes his debt ceiling package on Wednesday. House Republicans narrowly passed sweeping legislation Wednesday that would raise the government’s legal debt ceiling by $1.5 trillion in exchange for steep spending restrictions, a tactical victory for Speaker Kevin McCarthy as he challenges President Biden to …

US could face debt-cap crisis this summer without deal, CBO warns
1 year, 11 months ago

US could face debt-cap crisis this summer without deal, CBO warns

Al Jazeera  

The United States Congressional Budget Office on Wednesday said the Treasury Department will exhaust its ability to pay all its bills sometime between July and September unless the $31.4 trillion cap on borrowing is raised or suspended. In a report issued alongside its annual budget outlook, the non-partisan CBO cautioned that a historic federal debt default could occur before July …

Column: On the debt-ceiling crisis, take it from moderate Republicans: Be afraid, be very afraid
1 year, 11 months ago

Column: On the debt-ceiling crisis, take it from moderate Republicans: Be afraid, be very afraid

LA Times  

House Speaker Kevin McCarthy knows better, but he is cynically engaging in radical, misleading brinksmanship over the debt ceiling limit. As one of the Concerned told me, “The base wants to blow everything up.” Given Republicans’ narrow House majority, just a few radicals can block any legislation that Leader-in-Name-Only Kevin McCarthy ultimately might agree to. Even as they call for …

Column: The U.S. economy is again being held hostage to our ridiculous federal debt ceiling
1 year, 11 months ago

Column: The U.S. economy is again being held hostage to our ridiculous federal debt ceiling

LA Times  

Rep. Kevin McCarthy gave away much of his leverage to right-wing Republican House members to become speaker. Sadly, the answer is simple: Infantile poseurs in the House Republican majority are threatening to block an increase in the federal debt ceiling. That’s the case now, when members of the House Republican majority, who have threatened to block an increase in the …

US to max out on debt soon, setting up political fight
2 years ago

US to max out on debt soon, setting up political fight

Associated Press  

WASHINGTON — The federal government is on track to max out on its $31.4 trillion borrowing authority as soon as this month, starting the clock on an expected standoff between President Joe Biden and the new House Republican majority that will test both parties’ ability to navigate a divided Washington, with the fragile global economy at stake. McCarthy said he’s …

Congress votes to raise the debt ceiling, punting the next fight to 2023
3 years, 1 month ago

Congress votes to raise the debt ceiling, punting the next fight to 2023

NPR  

Congress votes to raise the debt ceiling, punting the next fight to 2023 Enlarge this image toggle caption J. Scott Applewhite/AP J. Scott Applewhite/AP The House voted 221 to 209 early Wednesday morning to increase the federal borrowing limit by $2.5 trillion, a figure Democrats say will allow the government to avoid default until early 2023. The measure, which was …

US House hikes debt ceiling, averts default
3 years, 3 months ago

US House hikes debt ceiling, averts default

Al Jazeera  

Democrats in the US House of Representatives have approved a $480bn increase in the United States government’s borrowing limit, forestalling until December a reckoning with Republicans on the nation’s spending and debt. Democrats, who narrowly control the House, maintained party discipline to pass the hard-fought hike in debt limit increase in a vote Tuesday evening, temporarily raising the government’s borrowing …

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