Economy
The debt ceiling is a numerical limit, set by Congress, on how much money the federal government can borrow to pay its bills. Increasing the debt ceiling is a routine congressional task, but Republicans want to hold it hostage to make cuts to Social Security and Medicare, even though failing to raise the limit would cause massive economic devastation.
Between Republicans’ economic agenda, spurious investigations, and threatened impeachments, the House is looking at a busy but unproductive year.
Under Democratic control, the federal government acted to lower healthcare and prescription drug costs; fight climate change and lower energy costs; invest in gun safety and mental healthcare; and implement a generational investment in American industry, manufacturing, and infrastructure.
Democratic lawmakers tried to pass a second bill that would have added paid sick days to the agreement, but were unable to reach the 60-vote threshold needed in the Senate, due to most Republican senators opposing the measure.
With many American families facing record-high energy costs this coming winter, the Biden-Harris administration has announced several steps to help lessen the burden.
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Republicans have said they want to extend the Trump tax cuts, which mostly benefited billionaires and corporations; cut spending on Social Security and Medicare; and repeal the Inflation Reduction Act, which lowered the cost of prescription drugs and raised taxes on corporations.
Top Republicans have made clear they plan to hold the global economy hostage to make cuts to Social Security and Medicare. Don’t believe us? Here are six separate times they’ve suggested—or outright said—they want to make cuts to Social Security and Medicare.