'They have the tiniest majority of one house and they are prepared to use it to get concessions they know are incredibly unpopular,' DeanBaker13 of ceprdc lamented.
A 2011 debt ceiling standoff enabled the GOP to impose austerity and also resulted in a historic downgrading of the U.S. government's credit rating, but the country has never defaulted on its debt. Economiststhat doing so would likely trigger chaos in financial markets, leading to millions of job losses and the erasure of $15 trillion in wealth.
recalling how then-Rep. Paul Ryan's proposal to privatize Medicare"became fodder for attacks that depicted him rolling an elderly lady in a wheelchair off a cliff."that GOP lawmakers desperate to win the White House in 2024 will"blow up the economy" and run ads blaming Biden for it. The Biden administration on Friday urged Republicans to drop any plans they have to hold the nation's economy hostage, saying it has no intention to conduct debt ceiling negotiations and calling on lawmakers to raise the nation's borrowing limit to preserve its credit.
"We have seen both Republicans and Democrats come together to deal with this issue," White House spokesperson Karine Jean-Pierre reporters."It is one of the basic items that Congress has to deal with and it should be done without conditions.", Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries said Friday that"a default forced by extreme MAGA Republicans could plunge the country into a deep recession… Democrats want to move quickly to pass legislation addressing the debt limit so there is no chance of risking a catastrophic default.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House Lawmakers Discuss Discharge Petition to Force Debt-Ceiling VoteDemocrats and some centrist Republicans are in conversations about dusting off a parliamentary procedure that could force a vote to raise the nation's borrowing limit
Read more »
Debt ceiling vote could save America if House Republicans are willing to stand up to DemocratsDebt ceiling vote could save America if House Republicans will stand up to Democrats, especially after US government took in nearly $5 trillion in 2022.
Read more »
Biden administration warns House GOP about debt ceiling deadlinesJUST IN: The U.S. government will reach its debt limit on Jan. 19 and initiate so-called 'extraordinary measures' to avoid default, Treasury Secretary Janet Yellen warned Kevin McCarthy today.
Read more »
Debt ceiling: This time it could be differentIf you just assumed that Washington drama over the debt ceiling would work out eventually, you would have been right — in the past. But there are warning signs this time could be different.
Read more »
US will hit debt ceiling soon, setting up political joustingOn Capitol Hill, Republican Rep. Chip Roy of Texas, one of the McCarthy holdouts and an outspoken critic of government spending, wouldn’t rule out trying to oust McCarthy if he fails to live …
Read more »
With a debt ceiling fight expected, McCarthy suggests a possible deal with DemocratsHouse Speaker Kevin McCarthy says he hopes to speak with President Biden 'early' to avoid a potential default on the nation's debt this summer. He raised a bipartisan 2019 deal as a potential model.
Read more »