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The Apolitical Truth About The Debt Ceiling [1]
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Date: 2023-04-20
"Mr. President, with all due respect, enough is enough. This is not how the leader of the free world should act. Your partisan political games are provoking the very crisis you claim you want to avoid greater dependency on China, increasing inflation, and threatening Medicare and Social Security." Speaker Kevin McCarthy, April 17, 2023
April 20, 2023
Republican House Speaker Kevin McCarthy
2468 Rayburn House Office Building - Washington, DC 20515
Phone: 202-225-2915 – FAX: 202-225-2908
Speaker McCarthy;
Despite evidence to the contrary, I won't insult your intelligence by assuming you aren't smart enough to grasp that thinking Americans know the apolitical truth about the debt ceiling.
We know that Congress, not Joe Biden, established the current federal debt ceiling.
We know that ninety-seven percent of current debt is the sum total of revenue and spending decisions made by the House and Senate and presidential administrations before Joe Biden's inauguration on January 20, 2021.
We know you've chosen to wage this fight not to reduce the national debt but to make political points because we know that you know the only way to reduce the national debt is for Congress and the White House to negotiate the federal budget.
We know that if Republicans were serious about managing the national debt, they'd have the courage to increase taxes on wealthy corporate and individual donors and repeal the $2 trillion in tax cuts gifted by the previous administration to those same corporate and individual donors.
We also know that the following will occur if you and your House majority force America to default on its debts:
Consumer and business borrowing costs will surge
Each 401K account holder will lose thousands of dollars
Inflation will skyrocket
Millions of Americans will lose their jobs
The national debt will increase by nearly $1 trillion
Thirty-year mortgage costs will upsurge by thousands of dollars
Lastly, Mr. Speaker, we know that if, in the final analysis, you and your House majority go through with your threats to destroy the growing economy Americans have worked so long and hard to build, voters will never forget who did what when.
Will we?
Concerned but not yet distressed,
Davy Z Jones
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