In simpler times, raising the debt ceiling would have been a matter of course. Now, because everything is awful, the simple bureaucratic act of paying the bill for money we’ve already spent becomes a hostage to the toxic politics of an increasingly fascism-curious Republican party.
Part of the problem with the debt ceiling is the name. The term “debt ceiling” sounds like something you’d want to avoid raising. It sounds like giving Washington a blank check to go out and spend taxpayer money on $1,200 screwdrivers when it’s nothing of the sort. Raising the debt ceiling doesn’t authorize new spending, it simply pays for spending that has already been authorized by Congress. We’ve spent the money and now that the bill is due we’re refusing to pay it. So in essence, the Republican party voted for Trump’s tax cuts for the richest Americans and earlier this week voted against paying for them.
If we don’t raise the debt ceiling then the U.S. Treasury isn’t authorized to pay the bills and America is suddenly in default. I don’t need to tell you what happens when the world’s largest economy fails to pay its bills, but it ain’t good. In the event of a U.S. default, a recession is a best-case scenario. Some combination of Lord of the Flies and Fallout: New Vegas is the worst.
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September 30, 2021 at 07:00PM
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The debt ceiling is stupid | Sheneman - NJ.com
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