Republicans Risking Debt Limit Showdown: A Commentary by Steve Berman

Introduction

The United States is facing a potential debt crisis as Republicans in Congress refuse to raise the debt limit. This limit, which is currently set at $28.5 trillion, is the maximum amount of money that the government is allowed to borrow to pay its bills. If the debt limit is not raised, the government will be unable to pay its bills, leading to a potential default on its debt.

The Debt Limit

The debt limit has been a contentious issue in Congress for years. Republicans have long argued that the government should not be allowed to borrow more money than it can afford to pay back. They have also argued that raising the debt limit encourages reckless spending by the government.

Democrats, on the other hand, argue that the debt limit is necessary to ensure that the government can pay its bills and avoid default. They also argue that raising the debt limit is necessary to fund important programs like Social Security, Medicare, and Medicaid.

The Current Situation

Currently, Republicans in Congress are refusing to raise the debt limit, despite warnings from economists and financial experts that failing to do so could have catastrophic consequences for the economy. The government is currently operating on a temporary funding measure that expires on December 3, 2021. If the debt limit is not raised by that date, the government will be unable to pay its bills, leading to a potential default on its debt.

Democrats have proposed a number of solutions to the debt limit crisis, including a standalone bill to raise the debt limit, as well as including a provision to raise the debt limit in the upcoming infrastructure bill. However, Republicans have refused to support any of these proposals, insisting that Democrats should be responsible for raising the debt limit on their own.

In conclusion, the debt limit is a critical issue that must be addressed by Congress. Failure to raise the debt limit could have catastrophic consequences for the economy, leading to a potential default on the government’s debt. It is important for both Democrats and Republicans to work together to find a solution to this crisis, and to ensure that the government can continue to pay its bills and fund important programs like Social Security, Medicare, and Medicaid

Original article Teaser

HOLD MY BUD LIGHT: Republicans Play Chicken with the Debt Limit | Steve Berman

President Joe Biden is unpopular. He has been unpopular since he botched our exit from Afghanistan, which seems so long ago that it happened in a different decade. Possibly the only Democrat more unpopular than Biden is his own Vice President and running made, Kamala Harris—at least since Krysten Sinema left the party. Not to be outdone, because it’s clearly unacceptable to be in third place behind Donald Trump (who just lost $5 million in a jury trial for sexually assaulting an advice columnist 27 years ago) and George Santos (who has now been charged by federal prosecutors, who lined up blindfolded to pick his crimes out of a fishbowl) congressional Republicans are doing the “hold my Bud Light” routine with the debt limit. It’s another debt ceiling

Details to HOLD MY BUD LIGHT: Republicans Play Chicken with the Debt Limit | Steve Berman