This week, Treasury Secretary Janet Yellen warned that the Treasury would run out of cash as early as October and urged Congress to increase the federal debt ceiling as soon as possible.
There are a couple of important things to note about increasing the debt ceiling:
- This debt ceiling debate is about paying for PAST spending — specifically spending that happened under Trump’s administration. As a reminder, Republicans added $7 trillion to the national debt under Trump.
- Mitch McConnell and the GOP voted to increase the debt ceiling three times when Trump was president. McConnell himself warned that it would be an economic “disaster” if America went into default.
But now that he’s in the minority, Mitch McConnell is rebuffing Yellen’s request and putting the federal government in danger of default. Republicans are almost all unanimously falling in line.
So here’s where we are at: Mitch McConnell and the GOP are jeopardizing six million jobs and $15 trillion in household wealth just to score political points. This is stunningly hypocritical and irresponsible, even for him.
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