WASHINGTON, DC – As President Biden and Speaker of the House Kevin McCarthy are set to meet for debt ceiling negotiations today, the MAGA Majority continues to risk a national default and a major economic crisis by playing politics with American livelihoods. In order to raise the debt ceiling, the House GOP is asking for deep cuts to programs like Social Security, Medicare, Medicaid, and more – concessions that would harm countless American seniors and families.
As they accuse President Biden of playing politics, Speaker McCarthy and his MAGA Majority are threatening to hold the economy hostage on behalf of their wealthy corporate donors. Their irresponsible agenda will sabotage the economy and the U.S. government’s full faith and credit while cutting Social Security and Medicare benefits that keep millions of Americans out of poverty and in better health. The only winners who will emerge from this concession will be billionaires and big corporations — whose tax cuts continue to enrich them at the expense of everyone else. No matter what McCarthy claims is guiding the GOP’s stance, his fight was never about delivering results and economic recovery for Americans – it’s about scoring political points against the Biden administration.”
Liz Zelnick, Director of Accountable.Us’ Economic Security & Corporate Power Program
These cruel cuts are a major part of MAGA Republicans’ extreme economic agenda — which also proposes replacing the current tax code, and even the IRS, with a supremely-regressive 30 percent national sales tax that would punish the middle class to make the rich even richer.