For those who aren’t following the Speaker of the House race in the US… Kevin McCarthy, in his quest to become speaker, offered up the world to a small group of radical, far right, obstructionist Republicans. One of the rules that was changed allows any member to essentially freeze the business of the chamber. One of the consequences of this could be some of these members forcing the US into default by refusing to raise the debt ceiling.
The debt ceiling has nothing to do with increasing the national debt. What it allows is for the government to pay for things it already agreed to pay for. It the debt ceiling isn’t raised, the US cannot pay its debts. The result will be economic anarchy unlike we’ve ever seen.
You’d think these guys wouldn’t shoot themselves in the face like that, but even bringing it to the brink could cause widespread economic chaos.
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