Debt Ceiling Dysfunction Poses Threat of Global Financial Catastrophe, Says Hillary Clinton
Former Secretary of State, Hillary Clinton, has expressed her concern that the Republican Party’s refusal to sign a clean bill to raise the debt ceiling could trigger a global financial crisis. In her op-ed in the New York Times, Clinton highlights that Republican House Speaker Kevin McCarthy does not fully comprehend the implications of playing around with the US debt limit. McCarthy has threatened that the House Republicans will not raise the federal government’s debt ceiling unless President Biden agrees to deep cuts in education, healthcare, food assistance for poor children, and other services.
Republicans introduced a bill to raise the debt ceiling by $1.5 trillion, but only on the condition that President Biden signs off on deep spending cuts. Clinton argues that if the US ever fails to raise its debt limit and ends up defaulting on its obligations, it could result in a “financial meltdown.”
Furthermore, Clinton highlights the Republican’s inconsistency in their position on the debt ceiling, as they have voted to raise it with little drama when a fellow Republican was in the White House, including three times under President Donald Trump. But during Democratic administrations, they have weaponized the debt ceiling to extort concessions, despite the danger of default. Clinton urges the Republicans to reconsider their stance and sign a clean bill to raise the debt ceiling, for the sake of the country’s economic stability.
Clever Robot News Desk 3rd May 2023