Just over a week ago, Treasury Secretary Janet Yellen announced that the U.S. government had hit the limit on total federal borrowing allowed by law, also known as the debt ceiling. Unless Congress raises or does away with the debt limit soon, the federal government will go into default, triggering a global financial crisis that economists estimate will destroy 6 million jobs and $12 trillion in household wealth.1
Congress can defuse this time bomb by simply raising the debt limit, as it has dozens of times over the years, under presidents of both parties.
But Kevin McCarthy, Marjorie Taylor Greene, and the other MAGA radicals now in control of the House of Representatives are refusing to raise the debt ceiling unless President Biden agrees to deep cuts to Social Security and Medicare.
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