Washington D.C. – Today, the MAGA House Freedom Caucus elevated their threats to hold the debt limit and U.S. economy hostage in exchange for a litany of extreme demands that would punish average Americans and protect their wealthy donors. With a slim 5-seat Republican House majority, the group has more than enough power to manufacture a default crisis that would have catastrophic consequences for Main Street and Wall Street alike.
Among the non-starter demands from MAGA extremists are: punishing the poor, rolling back the Biden administration’s popular student loan debt forgiveness plan, and gutting resources in the Inflation Reduction Act for holding wealthy tax cheats accountable. If these Republicans have their way, the nonpartisan Congressional Budget Office found freezing these IRS enforcement resources would add $114.4 billion to the deficit over a decade.
The MAGA extremists running the House fully intend to manufacture a disastrous default crisis by making demands they know to be non-starters – like letting wealthy tax cheats and big polluters off the hook.
These power-hungry lawmakers are so determined to keep the Biden administration from rebuilding the middle class that they’re willing to tank the economy to do it. They demand sacrifice only from everyday Americans while they insist on preserving or even expanding wasteful tax breaks for billionaires and greedy corporations. They’re playing a dangerous game of chicken with the economy and the lives of millions of working families.”