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Indivisibles,

The U.S. hit the debt ceiling today -- the legal cap set by Congress on
how much the treasury can borrow to cover checks Congress and the White
House have already written.

Wait a minute, don’t panic. We are still in safe-ish territory. 

Treasury Secretary Janet Yellen has laid out a plan to take “extraordinary
measures” -- a process where the treasury shifts around money to keep the
government under the borrowing cap. This tactic will prevent the United
States from defaulting on our financial obligations until somewhere around
June -- but the fight has already kicked off, and we can’t afford to wait
until we’re up against the deadline. 

This is a warning bell urging us to avoid disaster. 

How did we get here?

For a full explainer, check out our [ [link removed] ]Legislative Process 101: The Debt
Ceiling page. The short version is that the U.S. runs a budget deficit and
relies on treasury debt to fund itself. 

Our country isn’t unique in this regard. It’s true of many of our peer
nations. But while other countries either have no debt ceiling or have
placed one so high as to be inconsequential, we have trapped ourselves in
a pattern of needing to regularly lift our debt ceiling by only marginally
increasing it every time. 

The Danger:

Historically, the debt ceiling was lifted as a matter of practical
importance (the U.S. has never defaulted on its debt). In more recent
years, and increasingly since Obama’s presidency, Republicans have wielded
the threat of a default in order to push extreme policy goals. In the end,
reason has always won out, and the debt ceiling has never been breached
(though in 2011 we did get close enough that, for the first time ever, the
S&P downgraded our credit rating causing wild market fluctuations
endangering the entire global economy).

The difference this time is that Kevin McCarthy made backroom deals with
the most extreme wing of his party -- the House Freedom Caucus -- in order
to secure his position as Speaker. This significantly increased their
influence in the House. The Freedom Caucus is more than happy to throw our
country into chaos if it brings them more power (see: 15 rounds of votes
to finally elect a Speaker). That control, granted to insurrectionists and
fanatics, pushes us ever closer to a default this summer.

That potentially means:

* An inability to pay for critical programs like Medicare, Medicaid,
Social Security, and veteran’s benefits
* A global recession worse than 2008, eliminating Biden’s historic
record of jobs growth
* A downgrade of the U.S. credit rating, increasing interest rates, and
raising prices on household necessities
* And more…

We cannot allow this to happen.

If you have a Republican representative:

* [ [link removed] ]Call your representative and let them know you’ll be holding them
accountable for their actions. Republicans are playing political games
with the global economy. A default on our debt could be disastrous and
the extremists in their party don’t seem to care. Call your
representative and let them know that you do -- and you’re ready to
hold them accountable if they go along with their MAGA colleagues
instead of acting in the interest of constituents like you!
* [ [link removed] ]Submit a Letter to the Editor (LTE). Republicans are making a
mockery of the legislative process, showing no ability or interest in
governing. Use this LTE template to write an LTE on Republican focus
on sabotaging Biden rather than leading, their blatant disregard for
adhering to basic ethics, their lack of support for American families,
or their attacks on our freedoms. What we can do now to weaken the
Republican position could prove decisive in stopping them from holding
our government hostage in the future. 

If you have a Democratic representative: 

* [ [link removed] ]Call your representative and let them know they need to hold
strong. When Republicans have used the threat of default in the past,
Democrats have balked, proving to Republicans that they can win with
their reckless threats. We need to hold strong against these MAGA
extremists so we do not offer them more power. Democrats are doing a
great job as a block to start the session. Let’s make sure they keep
it up.
* [ [link removed] ]Submit a Letter to the Editor (LTE). Write a letter championing
your Member of Congress (MoC) for their work opposing MAGA extremism.
Highlight all the good votes they have taken recently (like supporting
abortion rights). And encourage them to continue to be fighters for
the people. Public perception can turn quickly and we need to remind
the people that Democrats are fighting for them while Republicans are
pushing the nation to the edge. 

Now is not a time to panic. We have until this summer to lift the debt
ceiling and stave off the worst outcomes. We can fix this. Now is the time
to get organized and ensure we’re in the best position to do so. 

In solidarity,
Indivisible Team

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