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Led by speaker Kevin McCarthy, House Republicans passed a bill that would chop spending while agreeing to raise the debt ceiling. Remember that the “debt ceiling” is just not authorizing any new spending, it’s simply paying for spending that was already accredited by Congress. In different phrases, ought to we pay our payments or not?
This laws agrees to pay our payments — in trade for slashing spending on quite a few packages (besides protection, after all).
And “slashing spending” can be simply that. By some estimates, non-defense discretionary spending can be cut by 22% across the board. (That determine doesn’t come from some lefty weblog, that’s in response to the Workplace of Administration and Funds.)
On the intense aspect, between the Senate and a presidential veto, this invoice has a snowball’s likelihood in hell of being made into legislation.
On the darkish aspect, the USA authorities simply took a step nearer to default.
Goodbye laws, hey ransom notes.
In the event you’re confused amid McCarthy’s speak of fiscal responsibility and negotiating in good faith, don’t be.
All that is happening is that Republicans are attempting to pressure the nation to undertake their excessive right-wing fiscal plans or else they may blow up the economy.
Given the present make-up of Republicans in Congress, it’s a very actual chance that the get together’s extremists and complicit moderates will drive the USA to default, which can result in international financial calamity.
This isn’t a compromise or negotiation state of affairs, that is making an attempt to cause with extremists who’ve financial explosives strapped to their physique.