Moments ago, Congress passed a bill temporarily raising the debt ceiling and pushing off the prospect of global economic disaster for two months. Unfortunately, come early December, we'll be right back where we are now. What the delay does, though, is give us time to organize.
Mitch McConnell and Republicans in Congress are using the debt ceiling to play a dangerous game of Russian Roulette with the global economy and millions of people's livelihoods.
The debt ceiling is not in the Constitution. It was created by Congress over a hundred years ago, and either Congress or the president can eliminate it. And they should. Democrats don't even need Republicans to cooperate.
Raising the debt ceiling doesn't authorize new spending. What it does is allow the government to pay the bills Congress has already approved.
In 2011, Mitch McConnell weaponized the debt ceiling to further Republicans' push to cut Social Security and Medicare benefits.
Because the risk is so great, a diverse group of economic leaders has endorsed our call to abolish the debt ceiling -- from progressive Treasury Secretary Janet Yellen to JPMorgan Chase CEO Jamie Dimon. The New York Times Editorial Board echos are call too, saying: "anything short of eliminating the ceiling is legislative malpractice at public expense.”
It is time for Democrats to act to eliminate the debt ceiling and stop Republicans in Congress from using it to hold our economy hostage.
SIGN THE PETITION TO ABOLISH THE DEBT CEILING.
Thanks for being a bold progressive.
-- The PCCC Team (@BoldProgressive)
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