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John,
Last night, Congress released the legislative text of its compromise to fund the government for the next year. One thing that’s missing: The debt ceiling.
The United States is on track to hit the debt ceiling around September 2023. By then, Republicans will be in control of the House of Representatives―with Kevin McCarthy acting as Speaker of the House. McCarthy has promised that he’ll demand cuts to Social Security and Medicare in exchange for the votes to raise the debt ceiling.
Social Security, of course, by law cannot add to the debt. It is fully self-funding, and it has been for 87 years. Republicans like McCarthy have always hated our Social Security system because its popularity and effectiveness prove Republican pro-corporate talking points are a lie. Republicans want to destroy our Social Security system as a favor to their Wall Street paymasters.
Together, we have stopped these Republican attacks on our Social Security system. Donate $7 to defeat them again in 2023!
Let’s be clear on what the Debt Ceiling is: It’s a technical limit on the number of U.S. Treasury notes that can circulate at any one time. It does not authorize new spending, and failing to raise it doesn’t result in strategic or automatic spending cuts―it simply stops the global economy in its tracks and weakens America’s role at its center.
Raising the debt limit was never questioned until the Tea Party held it hostage to extract cuts from President Barack Obama. Obama’s biggest mistake was establishing the precedent that not crashing the world economy amounted to a concession from Republicans―and the United States’s credit rating was downgraded as a result. In subsequent years, President Obama learned his lesson and stood strong: No negotiations over the debt ceiling!
President Biden must make his position strong: Republicans cannot take the United States economy hostage. Period.
We’re starting this campaign now, so that President Biden doesn’t even think about negotiating. Donate $7 to Social Security Works to protect our Social Security system from Republican hostage-taking!
Thanks,
Alex Lawson
Social Security Works
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