Robert ReichMAGA radicals are refusing to raise the debt ceiling unless Biden agrees to devastating cuts to Social Security and Medicare.
I was involved in a similar fight over the debt ceiling twenty-eight years ago, which holds some lessons for what happens now. https://robertreich.substack.com/p/back-to-another-horrible-hellish
Back to another horrible, hellish, horrendous, totally absurd battle over the debt ceiling
Friends, 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.
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