Here's why the GOP debt ceiling plan will cost you money | The Marc Steiner Show

The Real News Podcast · May 2, 2023 · 21m

The debt ceiling debate is back. On May 1, Treasury Secretary Janet Yellen warned that the US government could default on its debts as soon as June 1. The debt ceiling debate has been a perennial feature of American politics over the last two decades—ever since the national deficit began to balloon as an effect of the Bush Jr. administration's War on Terror and tax cuts for the wealthy. During the Obama years, Congressional sparring over the debt ceiling was a favored Republican tactic to obstruct their opposition's agenda. Under the Trump administration, the debt ceiling was suspended…