The (Fake) Debt Ceiling Crisis.
The GOP’s Dangerous Gamble.
Read the full essay
The debt ceiling crisis is a completely manufactured, self-inflicted wound that only the GOP sees fit to weaponize when it suits them. Forget the fact that it has been raised 78 times since 1960, 49 of which were under a Republican president—the House Republicans are determined to derail Biden’s economic gains any way they can. Today’s Topical Cream breaks down the fallacy of the debate and puts our budget in context with our debt.
- The White House: The Debt Ceiling: An Explainer
- Congressional Budget Office: Federal Debt: A Primer
- Center on Budget and Policy Priorities: Policy Basics: Deficits, Debt, and Interest
- U.S. Department of the Treasury: Debt Limit
- ProPublica: Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years
- Investopedia: Why China Buys U.S. Debt With Treasury Bonds
- NPR: < China's slice of the US debt pie
- Center on Budget and Policy Priorities: House Republicans’ Pledge to Cut Appropriated Programs to 2022 Level Would Have Severe Effects, Particularly for Non-Defense Programs
- CNBC: As U.S. hits debt ceiling, here’s what it could mean for Social Security and Medicare
- National Committee to Preserve Social Security and Medicare: Raising The Debt Limit: Impact on Social Security and Medicare
- Politico: ‘Intellectually bankrupt’: Biden allies blast GOP debt-limit backup plan
- Center on Budget and Policy Priorities: 5 Reasons Why the House Balanced Budget Amendment Is a Bad Idea
- Population Reference Bureau: Aging Baby Boomers to Face Caregiving, Obesity, Inequality Challenges