All the hand-wringing in Washington over raising the debt limit can seem far removed from the lives of everyday Americans, but they could end up facing huge consequences.
Speaker of the House Kevin McCarthy of Calif., left, and Vice President Kamala Harris listen as President Joe Biden speaks during a meeting with Congressional leaders in the Oval Office of the White House, Tuesday, May 16, 2023, in Washington.
Millions of people in the U.S. rely on benefits that could go unpaid and services that could be disrupted, or halted altogether, if the government can’t pay its bills for an extended period.If the economy tanked due to default, more than 8 million people could lose their jobs, government officials estimate. Millions of Social Security beneficiaries, veterans and military families could lose their monthly payments.
Biden dared McCarthy to produce a budget plan, and House Republicans responded by narrowly approving a bill to reduce deficits by $4.8 trillion over 10 years. It would do so by cutting discretionary spending to 2022 levels and placing an annual 1% cap on future increases. The bill would also reclaim billions of unspent COVID-19 funding, eliminate clean energy tax credits Biden signed into law last year and reverse his student debt forgiveness and repayment plan.
Biden over the weekend appeared to rule out changes to Medicaid. The White House said he would reject proposals that take away people’s health coverage or push them into poverty.Basically everyone, because the jolt to the U.S. and global financial systems would be so “catastrophic,” Treasury Secretary Janet Yellen said Tuesday in a speech to community bankers.
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