Treasury Secretary Janet Yellen warned Congress last week that the United States will hit its statutory borrowing cap on Thursday, Jan. 19.
At that point, the Treasury Department will begin using “extraordinary measures” to stay under the cap for as long as possible—but that likely won't get us past June. If Congress takes no action, the United States could be unable to pay its debts, causing a financial meltdown.
To be clear, we're not talking about accruing more debt. We're talking about paying the country’s existing debts. As Daily Kos’ Joan McCarter explained, this has not happened since Congress created the debt limit as a funding mechanism in 1917, to ensure payment for the costs of World War I.
Make no mistake: This is a manufactured crisis. MAGA Republicans have pushed us to this brink, and they have waited years for this moment to demand massive cuts to Social Security, Medicare, Medicaid, and other programs that serve as a lifeline to vulnerable communities.
Sign and send the petition to your members of Congress: Pass the debt limit with no conditions, and no hostages. Save Social Security, Medicare, and other essential programs
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After 14 votes failed to get him elected speaker of the House, Kevin McCarthy cut a secret deal with MAGA Republicans like Matt Gaetz. Now, we know it includes breaching the debt limit. We simply cannot let these extremists win by shredding our social safety net.
RELATED: McCarthy's devil deal comes to light: Letting the nation breach the debt ceiling
Democrats are standing firm (for now), but we can win this with the participation of enough Republicans who refuse to go along with this suicide mission.
If you’re represented by a Democrat in Congress, we need you to tell them to keep standing strong on the debt limit—and insist on no preconditions. Social Security, Medicare, Medicaid, and other domestic safety-net programs are non-negotiable.
If your district sent a Republican to Congress, tell them that the MAGA plan is pure extortion—and as someone who votes in their district, you want them to have nothing to do with it. If they truly believe in these awful cuts, they must be debated through normal political channels.
It is totally outrageous to jeopardize the world economy to satisfy an insidious ideological agenda.
Sign and send the petition to Congress: NO HOSTAGE TAKING for the debt ceiling