John,

Late Friday night, the Washington Post revealed¹ that Speaker of the House Kevin McCarthy struck a secret deal with the most extreme members of his caucus to not just hold the debt limit hostage, but actually breach it.

Let’s be completely clear: This ‘emergency plan’ doesn’t protect us from the consequences of default. And most importantly, they are the ones creating the emergency.

Here’s what they’re planning: When the Treasury Department’s extraordinary measures are exhausted―which Secretary Janet Yellen warned would be in early June―this bill would require Treasury to prioritize certain payments, essentially reducing the government to an army that pays out bondholders and retirees.

This ‘plan’ is just a fig leaf that allows Republicans to tell the corporate media that they are acting responsibly while holding hostage the entire global economy. We won’t be fooled.

The Republican plan is to threaten economic catastrophe if we don’t go along with their Social Security-cutting agenda. We’re fighting back―in the media, on Capitol Hill, and on the streets. Can you chip in $7 today?

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Thanks,

Alex Lawson
Social Security Works

¹ https://www.washingtonpost.com/us-policy/2023/01/13/debt-ceiling-gop-plan/