🧵 1/6
House Speaker #KevinMcCarthy stated today that #JoeBiden & Senate Majority Leader #ChuckSchumer were "playing #politics" w/ the "#debtcrisis"...
BUT THAT'S EXACTLY WHAT HE & #REPUBLICANS ARE DOING!!!
The #debtceiling is NOT a time to decide on #spendingcuts! The #Congress ALREADY passed the #FederalBudget & decided how much to fund each program. Now we need to pay.
#McCarthy & #GOP are holding the nation's #economy as hostage to push his agenda to cut social programs.
🧵 2/6
1st, the "#debtceiling" is a political construct created by #Congress to limit the Treasury Dept on how much they can borrow. The #FederalBudget was already passed & this is a matter of paying the country's bills we already agreed on.
2nd, The #GOP raised the limit 3 times under Trump. So obviously they don't have a problem doing so. But now that Biden is in office, suddenly #Republicans are "fiscally responsible"?
The only on here that is playing #politics here is #KevinMcCarthy
🧵 3/6
3rd, #Republicans are the cause of the majority of #NationalDebt we have today. In 2017, then President #DonaldTrump signed the "Tax Cut and Jobs Act" into law. BUT ...
The Joint Committee on Taxation analyzed the #taxcuts and found that it would increase the #deficit by $1 trillion over the next 10 years. It also did not create any jobs as total employment numbers continued to drop between 2017-2019.
🧵 4/6
4th, #Republicans want to cut #GovernmentSpending on #SocialWelfare prgms incl #SocialSecurity, #Medicare/#Medicaid, #SNAP/#FoodStamps, & COVID relief. It's #ClassWarfare blaming poor for #nationaldebt. Yes #SocialServices is a fair % of the budget, but so is the military & they arent cutting that. Besides for every $1 the gov puts into SNAP we get about $1.79 in economic activity. It's true for other #PublicAssistance prgms like #TANF, #Section8 & others.
#news #debtceiling #KevinMcCarthy
🧵 5/6
If #KevinMcCarthy and #Republicans let the country to go "default", it would have disastrous consequences. The example was back in 2011. The last time there was a #DebtCeiling showdown like this, just flirting w/ default created a sharp & sudden drop in the stock market & short-term interest rates rose. If you're worried about the #NationalDebt, higher interest rates should be the last thing you want.
🧵 6/6
Possible solutions:
1: Just raise the #DebtCeiling. They've done it before. The debt ceiling isnt really a thing w/ other countries. Propose changes when the #FederalBudget comes up again in Oct
2: Raise revenue & #TaxTheRich!
3: AUDIT THE RICH!!! The richest 1% of Americans evade an est of $163 billion in #taxes each year.
4: Eliminate subsidies to #oilandgas cmps!
5: Raise the #MinimumWage to increase revenue & lower spending on social welfare programs.
