Republican Hypocrisy Could Cost American Families Trillions

Republican leaders like Mitch McConnell are playing political football with the debt ceiling despite their support for raising the limit in years past while adding nearly $8 trillion in debt under President Trump. Their games could cost 6 million Americans their jobs and wipe out $15 trillion from American household wealth.

Mitch McConnell is now openly admitting that Republicans are playing political games with the debt ceiling:

Burgess Everett, Politico: “McConnell says GOP will vote to fund government but will not ‘relieve’ Democrats of responsibility to raise debt ceiling

“‘The debt ceiling will be raised as it always should be, but it will be raised by the Democrats’”

Republican lawmakers are willing to put our economic recovery into a tailspin and cost Americans millions of jobs and trillions in household wealth: Washington Post: U.S. default this fall would cost 6 million jobs, wipe out $15 trillion in wealth, study says

  • “Mark Zandi, chief economist at Moody’s Analytics, found that a prolonged impasse over the debt ceiling would cost the U.S. economy up to 6 million jobs, wipe out as much as $15 trillion in household wealth, and send the unemployment rate surging to roughly 9 percent from around 5 percent.”
  • “Lawmakers in both parties agree that the debt ceiling must be raised to avoid economic calamity, but their standoff over how to do so has intensified. Despite increasing the national debt by close to $8 trillion under President Trump, Republicans have been adamant that they will refuse to help Democrats increase the debt ceiling in opposition to President Biden’s spending plans.”