The House GOP has been holding America hostage over federal borrowing, and the kidnappers have no problem killing their captives. Congressional Republicans raised US borrowing limits three times during the Trump administration, but now they’re threatening to send the nation into default, demanding draconian spending cuts before they let the US pay it’s debts. In fact, 25 percent of that debt was accumulated during the Trump presidency.
The borrowing cap has been raised 78 times since 1960, 49 times under Republican presidents, 29 under Democratic chief executives. Don’t believe the “running government like a business” hype; corporate securities are borrowed money. And running the country like a household? US household debt (mortgages, car loans, college loans, credit cards) is currently $17 trillion. If you default on your household loans, you’ll take down your family. If the GOP forces a federal government default, it will take down everybody.
The real problem isn’t federal spending, it’s federal revenue. Republicans have consistently reduced taxes on the rich and corporations, most recently under G.W. Bush and Trump. Now they say there isn’t enough money. Wow, wonder how that happened.
Apparently one of the cuts the GOP got in the recent compromise with the White House will reduce the IRS budget in hopes of reducung chances that tax-cheating rich Republican donors (and their corporations) will be made to pay the paltry sums the current rigged tax code requires. Not to be outdone, Ron DeSantis wants to abolish the IRS.
More:
“IRS faces $20B cut from modernization fund under debt ceiling agreement,” Jory Heckman, Federal News Network
“Debt Deal Cuts $21 Billion Of IRS $80 Billion, 87,000 New IRS Agents Stay,” Robert W. Wood, Forbes
“A Republican Win on IRS Funding May Be a Complicated One,” Fatma Khaled, Time
“Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio,” Bobby Kogan, Center for American Progress
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