Demand Progress

It feels like 2011 all over again when we were on the verge of a full blown economic crisis. That’s when Republicans fought a debt ceiling increase in order to make devastating federal spending cuts hurting everyday Americans. What came with it? America’s credit rating was downgraded and the stock market plummeted.

This time around, House Republicans passed a debt ceiling bill with devastating spending cuts and provisions that would gut President Biden’s agenda. President Biden called it “reckless hostage taking.”² Economists say we’re on the verge of economic catastrophe.³

“Economic catastrophe” just so extremist Republicans can push their policies of climate change denial, gutting government services for seniors and poor people, and tax breaks for the ultra-wealthy. The Senate cannot let this happen.

Sign the petition to the Senate: Pass a clean debt limit funding bill, no cuts, no rollback of President Biden’s agenda, period.

Here’s a list of who likes Kevin McCarthy’s debt ceiling bill: Wall Street, massive corporations, rich CEOs, and far right extremist MAGA Republicans. This bill is for billionaires and right-wing extremists.

The United States has until June 1 to extend the debt limit. Then, the real threat of an economic crisis comes. We know Republicans will go all the way to damaging the American economy just to win their disastrous agenda.

This is why it’s so critical that we push the Senate to stay strong in defending the Democratic agenda and the needs of everyday Americans. Because GOP extremists will be pushing to send us off the fiscal cliff.

Add your name: Pass a clean debt limit bill to stop GOP cuts and avoid economic disaster.

Sources:

1. The Guardian, "Danger and deja vu: what 2011 can tell us about the US debt ceiling crisis," April 30, 2023.
2. Washington Post, "Biden decries ‘reckless hostage taking’ by GOP over raising the debt limit," May 1, 2023.
3. The Guardian, "Danger and deja vu: what 2011 can tell us about the US debt ceiling crisis," April 30, 2023.