Today the nonpartisan Congressional Budget Office forecasted that the nation will no longer be able to meet its debt obligations as early as July 2023, bringing about a costly default crisis if MAGA extremists in the U.S. House go through with their widely unpopular plan to hold the debt limit and economy hostage in exchange for deep cuts to critical priorities including Social Security and Medicare. More than enough Republican Representatives have signaled their intent to manufacture a default crisis and play politics rather than pass a clean bill raising the debt limit. 

MAGA Majority Puts Politics Above Seniors, Working Families: Under the Trump administration, House Republicans worked with Democrats to raise the debt ceiling three times without harmful cuts. An Accountable.US review identified several key Republicans in Congress that flip-flop on the debt ceiling issue depending on how the political winds blow. A Washington Post analysis further found that under a Republican administration, an average of 65% of House Republicans and 74% of Senate Republicans voted in favor of adjusting or suspending the debt ceiling, but those numbers declined to 24% and 20%, respectively, under Democratic administrations.

Take the extreme MAGA House majority at their word that they intend to manufacture a costly default crisis unless they get concessions that weaken the retirement and health security of millions of Americans. The MAGA goal of holding the debt limit hostage is twofold: damage the President politically and accomplish a decades-old right-wing mission of gutting Social Security and Medicare benefits. Power-hungry MAGA extremists are so determined to stop the Biden administration from rebuilding the middle class that they’re willing to risk the full faith and credit of the U.S. government and sabotage the economy.

The MAGA majority’s economic plan conveniently demands painful sacrifice only from seniors and working people while they insist on preserving or even expanding wasteful tax breaks for billionaires and greedy corporations. Many MAGA lawmakers conveniently ignore their own role in exacerbating the debt with trillions of dollars in wasteful tax breaks for giant corporations that never trickled down to anyone else. They’re on the record: they intend to break the promise of guaranteed benefits that have kept generations of seniors out of poverty rather than asking wealthy corporations and mega donors to pay their fair share.”

Accountable.US’ Director of Economic Security and Corporate Power, Liz Zelnick.
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