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John,
Our country is quickly approaching a financial default that would devastate our economy―causing delays in Social Security and disability benefits, delays in paychecks to civil servants and active-duty military personnel, and at least 1 million jobs lost if the default goes on for one week or more.[1]
Treasury Secretary Janet Yellen has indicated that she has nearly exhausted the “extraordinary measures” the Treasury has used to continue paying our country’s bills, and by June 1 we’ll run out of money unless Congress acts.[2]
We’re demanding a clean debt ceiling increase―and for Congress to increase, not cut, funding for critical programs and services. The reality is we can lower debt AND invest in working people when the rich and corporations pay their fair share of taxes.
Today, the Senate Budget Committee began holding hearings to expose the true impact of Kevin McCarthy’s reckless legislation, which we’re calling the “Default on America Act” (DOA). And, next Tuesday, President Biden will host members of Congress including Speaker McCarthy at the White House to discuss the debt ceiling impasse.
Send a message to your U.S. senators right now and demand a clean debt ceiling bill. Instead of Kevin McCarthy’s cuts, we should expand funding for programs and services and pay for it by demanding the wealthy start paying their fair share of taxes.
Kevin McCarthy and House Republicans have passed a bill with across-the-board spending cuts and harsher work requirements that will result in millions of people losing their healthcare and food assistance benefits.[3] They want to, in the words of anti-tax activist Grover Norquist, “get [government] down to the size where [they] can drown it in the bathtub.”[4]
The president and Senate must not negotiate with hostage takers! Send a message to your U.S. senators right now and urge them to pass a clean debt ceiling increase―and instead of cuts, to invest in vital services for working families paid for with fairer taxes on the rich and corporations.
We know that when the rich and corporations pay their fair share, we can create an economy that works for everyone, not just the wealthy few.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] “5 ways a debt default could affect you,” CNN, May 2, 2023
[2] “U.S. Could Run Out of Cash by June 1,” Yellen Warns, New York Times, May 1, 2023
[3] “Here’s what’s in the House GOP debt limit bill,” CNN, Apr. 20, 2023
[4] “Starve the beast,” Wikipedia
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