Secretary Janet Yellen just announced that the federal government is projected to go into default as soon as June 1, just 28 days from now, likely triggering a global financial catastrophe.
The corporate media says the only way to get out of this crisis is for Democrats to give in to Republican demands for devastating cuts to Medicaid, food stamps, housing aid, veterans’ benefits, and many other crucial programs in exchange for allowing the debt ceiling to be lifted.
The U.S. Constitution explicitly states that “The validity of the public debt of the United States … shall not be questioned.” That means President Biden not only can but also must ignore the debt ceiling and continue to cover the debts of the United States on time and in full, regardless of what House Republicans do.
Inequality Media is launching a major public education effort over the next four weeks to make sure the American people understand what’s happening and help President Biden block the Republicans’ draconian budget cut demands.
This crisis is all about the so-called “debt ceiling,” an arbitrary cap on the government’s ability to issue bonds and treasury notes to meet its financial obligations. Contrary to GOP talking points, this is not about new spending. It’s about whether the U.S. will pay the bills it already owes.
Constitutional scholars have said for years that the law establishing a debt ceiling is unconstitutional. But since no one has been able to challenge it, the law has never been struck down.
Instead, every time a Democrat is in the White House and Republicans control at least one house of Congress, they use the threat of government default as leverage to extract painful, and unpopular, budget cuts that they could never pass otherwise.
Enough is enough. President Biden should announce that if Congress fails to act, he will use his authority under the U.S. Constitution to pay America’s bills.
And he should make that announcement right now, before Democrats in Congress give in to any of Kevin McCarthy’s demands.
Our challenge is that the corporate media has spent years misinforming the public about the debt ceiling, and it will require a major public education effort to overcome that disinformation and build the political support necessary to convince President Biden to act.
2 Comments
İhale teknik desteği alabileceğiniz diğer alanlarımız;
Merter Mühendislik, statik proje ve uygulamada işin ehli. Tüm projelerin en başında artısı ve eksisini söylerek olumsuzlukları en baştan çözmesi harika.