Economy


FILE - Speaker of the House Kevin McCarthy, R-Calif., speaks at the Capitol in Washington, Thursday, April 20, 2023. The Democratic president and Republican congressional leader have each tried to assure the public in recent weeks that they don't want the government of the world's largest economy to default. But President Joe Biden has resisted McCarthy's calls for negotiations, while McCarthy is pushing a plan that can't pass the Democratic-majority Senate. (AP Photo/J. Scott Applewhite, File)
What Happens if America Defaults on Its Debt?

If the country defaults on its debt, millions of people would lose their jobs, retirement accounts would be decimated, Social Security payments could be delayed, Medicare and Medicaid benefits could be affected, and military members could see paychecks delayed.

Photo by Brandon Byrd via Rural Democracy Initiative
Rural Advocates Want to Take on Monopoly Power and Help Family Farmers

Participants of the 2023 Rural Policy Action Summit spoke about how to expand resources for those in rural communities, among other topics.

President Joe Biden speaks about his 2024 proposed budget at the Finishing Trades Institute, Thursday, March 9, 2023, in Philadelphia. (AP Photo/Matt Rourke)
Biden’s Budget Would Tax Billionaires, Corporations to Strengthen Medicare, Expand Child Care, and Help Families

Republicans immediately rejected Biden's plan, but have yet to release their own budget. They have made it clear, however, that they want to apply deep spending cuts to everything from health insurance to food assistance benefits.

FILE - President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. It seems like no one wants to cut Social Security or Medicare benefits, including Biden, who is already telling voters that his upcoming federal budget proposal will “defend and strengthen” the programs. (AP Photo/Patrick Semansky, File)
Biden Proposes Taxes on the Rich to Strengthen Medicare Funding

Biden’s plan would increase the Medicare tax rate on Americans earning above $400,000 from 3.8% to 5% to help keep Medicare solvent into the 2050s. No one earning under $400,000 a year would pay a dime more in taxes, under Biden’s plan. 

FILE - President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. It seems like no one wants to cut Social Security or Medicare benefits, including Biden, who is already telling voters that his upcoming federal budget proposal will “defend and strengthen” the programs. (AP Photo/Patrick Semansky, File)
Biden Proposes Taxes on the Rich to Strengthen Medicare Funding

Biden’s plan would increase the Medicare tax rate on Americans earning above $400,000 from 3.8% to 5% to help keep Medicare solvent into the 2050s. No one earning under $400,000 a year would pay a dime more in taxes, under Biden’s plan. 

Speaker of the House Kevin McCarthy, R-Calif., speaks during a news conference in Statuary Hall at the Capitol in Washington, Thursday, Jan. 12, 2023. (AP Photo/Jose Luis Magana)
GOP Plans Could Include Deep Cuts to Social Security, Medicare, Medicaid, and the Affordable Care Act

House Republicans want to apply deep cuts to everything from health insurance to food assistance benefits, an effort that would plunge millions more Americans into extreme poverty.  

Speaker of the House Kevin McCarthy, R-Calif., speaks during a news conference in Statuary Hall at the Capitol in Washington, Thursday, Jan. 12, 2023. (AP Photo/Jose Luis Magana)
MAGA Republicans Plan to Hold the Economy Hostage to Cut Social Security and Medicare

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.