The GOP’s Terrible, Horrible, No Good, Very Bad Debt Ceiling Scam

Source: Common Dreams
by Robert Reich

“Treasury Secretary Janet Yellen just announced that the federal government will hit the limit on total federal debt on January 19, just two days from now. After that, the Treasury Department will be forced to take ‘extraordinary measures’ to avoid defaulting on the debt, which would likely trigger a global financial crisis. … MAGA radicals now in control of the House of Representatives are refusing to raise the debt ceiling unless President Biden agrees to devastating cuts to Social Security, Medicare, and other key programs. I was involved in a similar fight over the debt ceiling fight twenty-eight years ago, which holds some lessons for what happens now.” [editor’s note: I don’t often throw Reich-pieces out here, but this one seems worth a look, if only to show how far he has fallen – SAT] (01/17/23)