The debt ceiling debate is back. On May 1, Treasury Secretary Janet Yellen warned that the US government could default on its debts as soon as June 1. The debt ceiling debate has been a perennial feature of American politics over the last two decades—ever since the national deficit began to balloon as an effect of the Bush Jr. administration’s War on Terror and tax cuts for the wealthy. During the Obama years, Congressional sparring over the debt ceiling was a favored Republican tactic to obstruct their opposition’s agenda. Under the Trump administration, the debt ceiling was suspended, allowing federal deficits to explode by some $7.8 trillion—$2 trillion of which went to tax cuts for big corporations and the wealthiest individuals alone. Now, the GOP has returned to its selective handwringing over the debt ceiling. And House Speaker Kevin McCarthy’s latest plan, the Limit, Save, Grow Act, could have disastrous consequences for average people while once again lining the pockets of the rich. Karen Dolan of the Institute for Policy Studies joins the Marc Steiner Show to explain the current debt ceiling fight and how it could impact your wallet.
Karen Dolan is a fellow at the Institute for Policy Studies.
Click here to read the transcript: https://therealnews.com/the-gop-is-holding-the-us-economy-hostage-in-the-debt-ceiling-fight
Production/Post-Production: David Hebden
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** (Disclaimer: This video content is intended for educational and informational purposes only) **
They've run out of money, and since everyone has credit…
Just stop waging war all over the world so we can live in harmony in the rest of the world.. And try to get out of your head that the US is the best country on the globe. Newsflash: You are the worst.
Is The Real News Network censoring my comments? I see some of them have magically disappeared.
This is BS terrorism !
So, what, congress should just keep raising the debt ceiling and printing money to no end? Never-ending inflation is the name of the game?
And Bidens made everyone richer i suppose 😅😂😅😂😅😂 . Demoprats are so brainwashed
The GOP trumpuppet Troglodyte party wants to hand America to the rich on a silver platter, while the rich gouge us on prices so we'll go running to the republican party and give them everything they want. In the republican counties everything is cheaper, even gas. Where we Democrats are being forced to pay high prices the GOP counties are paying less, and also, they are not delivering goods we use the most to democratic parties. That's what they were going for when they stole our data. They are trying to herd us like cattle to vote for the insane trumpuppets. They raise apartment prices skyhigh and lower wages so we can't afford anything. The rich created this out of control homelessness and it was deliberate . The rich with the GOP running block for them want to "own" us literally. And in return the GOP trumpuppet Troglodyte party gets millions in kickbacks. That's why they are so frenzied to get rid of Democrats, and to win elections. They don't care if they sound crazy, they'll do anything to win.
Congress has the power of the purse. They only get attention when they threaten to cut. They should have made lifting the debt ceiling contingent on stopping the proxy war
You're wrong, and you need to do your research, who raised all all of the credit card interest, who is slamming the nations credit and inflation.
All you want to do is give everything for free, and for stuff that has no bering for the country as a whole, what happened to work hard. And the democrats had control of the house and senate for all those years. They're the ones writing the tax code? Why didn't you all fix it then? If you're saying that's the problem is the wealthy need to pay more in taxes. thay pay more than anyone else does. If you quit giving away everything, we wouldn't have this debt. Which drives the inflation.
Make the wealthy pay for the rape of this country and it’s wars. If there’s a minimum wage there must be a maximum wage tax the wealthy 90% above 2mil year till we can get free education , healthcare and housing rebuilding infrastructure ect..so we can rebuild the USA.
Someone wanna explain why if Biden lowered our national debt, then why are they having to raise the debt ceiling?? Or how democrats saying that they aren't ok with the debt ceiling being raised somehow means that they aren't going to pay what they already owe?? Not defending either side, just kinda sounds like she is talking out of her rear.
Bullshit, the IRS is proven to audit low income people more than the wealthy
It won't cost me nearly as much as a 30 year mortgage at a higher rate so that those irresponsible with low credit scores can get a lower rate . Basically I'm paying for their house.
This is so stupid. No one on either side cares about what the careless spending is doing to the working class people
Republicans always makes the same mistake in holding up the debt ceiling when a Democrat is president. They think that it will not back fire again.
Interest rates are going up because the feds raising the rates the fed and the government in bed together for big money
raising the debt ceiling has ALWAYS been bad for the country – regardless of their political seating.
Fiscal terrorism is a good slogan to use? Yes, by unhinged activists. It certainly doesn’t invite rational discussion.
I turned it off after one minute. There are warning on internet about controversial content, there should be about moronic content: listen at the risk of having your intelligence insulted.
Why don't you be honest about 1913, President Wilson and the Federal Reserve. Then explain why we will never be out of debt. I am sure Mr. Steiner can tell the story.
The U.S. government gave Ukraine over a $100 BILLION just last year alone, and thats not counting all of the expensive weapons and tanks. Now the Pentagon wants to give Ukraine jets… And We the People get SCREWED!
I think Americans need to see senile Biden has put this country into 33 trillions dollars debt, which effect all of us now and the next 4 generation, open board which is unconstitutional our laws are secured borders and now more billions dollars feeding,clothing,transportation cost,illegals who are not contained or checked who have criminal records ,a rise in polio,smallpox since they have no vaccinations,children human trafficking, fentanyl filtering into our country killing our Americans the demoRats politicians don’t care illegals are their new slave workers, cheap labor and throwing Americans to the curb to have save country and life and economic security it’s gone
GOP doesn't have the power to raise your credit card rate. What a bunch of ball-pucky.
The host is correct when he says the democrats are not getting the Debt ceiling facts out to the american public. And of course, the Corporate media won't give those facts to Americans unless forced to.
Now do a story about Biden punishing homebuyers with good credit, and why it will cost them more money.
Laughable propaganda..
This is HIGHLY misleading
All because Biden crazy spending and open borders.
They create this debt ceiling theater every time and never actually do anything about it. They'll raise it and continue to spend more and more just like they always have
💰💰💰💸🤑💹💳💴💵💶💷💸💱ðŸ¦ðŸˆ¹ðŸˆ¶ðŸ§§â¤
Joe Biden wants to penalize me for having a high credit score, to benefit deadbeats. Just like he wants to tax me to pay off the college debt of other people even though I busted my hump to pay for my own college education.
Joe Biden recklessly gave away trillions of borrowed dollars and gaslit me by telling me it's "inflation reduction."
Nope, sorry, Republicans have a lot of problems, but I know with complete certainty who's trying to reward hard work and who's trying to punish it. Democrats are *sick*