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According to Treasury Secretary Janet Yellen, we’ll pass the debt ceiling deadline on June 1. Once the U.S. stops paying its bills and is in default, economic calamity will ensue. Yes, something must be done to avoid cratering stock and financial markets and certain recession.
The problem is, Joe Biden and the Democrats are trying to negotiate with unhinged extremists.
But if you listen to much of the reporting about the debt ceiling standoff, it sounds as if we’re witnessing just another instance of those darn Democrats and Republicans unable to get anything done in Washington and, gosh, can’t both sides just give a little and end this thing.
What we are witnessing is far worse and more dangerous.
Republicans are trying to take over U.S. policymaking by threatening to destroy the economy.