Republican Sen. Lindsey Graham on Wednesday said he would be willing to vote to raise the federal debt ceiling in exchange for a policy that could result in cuts to Social Security and Medicare, a proposed trade-off that progressive advocacy groups implored Democrats to reject.
With members of Congress staring down an August deadline to increase the debt limit—the amount of money the federal government is legally permitted to borrow to meet its financial obligations—Graham (R-S.C.) toldBloomberg that he could bring himself to vote yes on a debt ceiling hike if Democrats agree to legislation establishing commissions tasked with crafting Social Security and Medicare “reforms.” Continue reading →
We have hit the debt ceiling – again. This time, the manufactured crisis is being put on slow-track, while Congress refuses to address one of the principal responsibilities they have.
US Capitol. Photo by Scrumshus (Own work) [Public domain], via Wikimedia Commons
As of March 16, we are at risk of defaulting or having our credit rating reduced if Congress does not act. The US Treasury will have to take “extraordinary measures” to keep the federal government’s head above fiscal water. Continue reading →