John,
The U.S. hit the debt ceiling today, and far right Republicans are using the threat of financial collapse to demand harsh cuts to programs like Social Security and Medicare.
Sign the petition to tell Congress: Don't give in to Republican hostage-taking. Pass a clean debt ceiling increase with no cuts to Social Security or Medicare.
Sign the petition
Let's break down what the debt ceiling is and why it's a big deal for working people.
Every year, Congress passes a budget that directs the federal government to spend money. Sometimes — often — that budget directs the government to spend more money than it received from taxes and other income. When this happens, the Treasury Department issues debt to cover the difference.
The "debt ceiling" refers to a limit on how much debt the Treasury can hold. Once the Treasury has issued up to that limit, it loses the legal authority to issue any more, unless Congress passes a law to increase the debt ceiling.
So what happens if we don't raise the debt ceiling?
The federal government can't pay for its budget — including for things like Social Security checks, Medicare reimbursements, and government employee salaries -- or pay back the debt it issued. This is called "defaulting on the debt."
What are "extraordinary measures?"
“Extraordinary measures" are basically just creative accounting maneuvers used by the Treasury in order to avoid being unable to pay any bills.
The Treasury announced they officially started these extraordinary measures today, but this can only go on a few months. After that, some bills have to go unpaid. And choosing what bills go unpaid will be randomized. Important social programs that working people depend on will be at risk.
How did we get here?
In exchange for being elected Speaker of the House, Kevin McCarthy promised extremist Republicans that he would not bring a “clean” debt ceiling bill to the House floor — meaning he would not bring forward a bill to increase the debt ceiling unless it also contains future spending cuts to critical programs for working families.
So why does this matter?
Besides tens of millions of workers and beneficiaries losing some or all of their income, this could cause a global financial crisis and has the potential to destroy livelihoods for millions.
At a time when millions of working families are still getting back on their feet after the 2020 economic crisis, we can’t afford more financial insecurity.
This is the crisis that MAGA extremists are threatening with their vow to vote down a debt ceiling increase without brutal cuts to government programs like Social Security and Medicare. They're holding working peoples' livelihoods hostage because they know it's the only way to push through their extremely unpopular agenda.
We won’t stand for this. Will you sign our petition now to demand that Congress protect working people, the programs many of us rely on most, and the global economy by raising the debt ceiling?
Sign the petition
Raising the debt ceiling is crucial to making this country work for working people. But this fight is not the end. Republicans are going to keep fighting to squeeze as much money out of government programs as they can for themselves and their wealthy friends. But when all of us join together, we know we can stand strong against anything they throw at us.
In solidarity,
Working Families Party
