Speaker McCarthy’s Response to Debt Ceiling Crisis Puts Medicare and Social Security Benefits At Risk
What is the debt ceiling?
The debt ceiling is the maximum amount of money that Congress has approved the US government to borrow.
Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents.
The US national debt has grown by 10 trillion dollars over the past decade. During his four years as president, the Trump administration accounted for 24.8% percent of our national debt, or $7.8 trillion. It’s projected that Biden will add another $4.8 trillion to the national debt by 2030.
House Speaker Kevin McCarthy (R-Calif.) addresses reporters during a Jan. 20 news conference at the Capitol.
(Jacquelyn Martin / Associated Press)
Why is everyone talking about the debt ceiling?
The United States hit its technical debt limit on Jan. 19, 2023, prompting the Treasury Department to begin using “extraordinary measures” to continue paying the government’s obligations. If the limit is not lifted, those options to sustain the government will run out by June 2023, resulting in economic chaos.
Now it’s up to our leaders to decide on raising the debt ceiling and by how much. Republicans and Democrats will have to work together to make it happen.
Political games put Medicare and Social Security benefits at risk
Newly elected House Speaker Kevin McCarthy has resorted to the blame game instead of actively working to solve the problem and avoid an economic crisis. He was recently fact checked about former President Donald Trump's massive addition to the national debt while blaming the Democrats exclusively for the crisis.
McCarthy also made it clear that he will not approve a new debt ceiling limit unless major cuts are made across discretionary spending. Mccarthy is on the hook for these cuts because in order to secure the speakership, he vowed then to return federal spending to 2022 levels — an 8% reduction of about $130 billion in discretionary spending.
As the GOP discusses ways to cut spending, some Republicans are advocating for cuts to Medicare and Social Security funding—essential programs that American seniors have never needed more as they contend with rising costs and inflation. While Speaker Kevin McCarthy stated this measure is off the table, backdoor conversations indicate that stripping millions of hard-working Americans of their retirement and healthcare is still a possibility.
Instead of playing the debt blame game, our leaders should work together to avoid an economic crisis and focus on making decisions that benefit everyday Americans. With the risk of prolonged damage to the economy, there is no time for political games. We need our leaders to work towards solutions to our real problems.