Here's why the GOP debt ceiling plan will cost you money | The Marc Steiner Show

The debt ceiling debate is back. On May 1, Treasury Secretary Janet Yellen warned that the US government could default on its debts as soon as June 1. The debt ceiling debate has been a perennial feature of American politics over the last two decades—ever since the national deficit began to balloon as an effect of the Bush Jr. administration's War on Terror and tax cuts for the wealthy. During the Obama years, Congressional sparring over the debt ceiling was a favored Republican tactic to obstruct their opposition's agenda. Under the Trump administration, the debt ceiling was suspended, allowing federal deficits to explode by some $7.8 trillion—$2 trillion of which went to tax cuts for big corporations and the wealthiest individuals alone. Now, the GOP has returned to its selective handwringing over the debt ceiling. And House Speaker Kevin McCarthy's latest plan, the Limit, Save, Grow Act, could have disastrous consequences for average people while once again lining the pockets of the rich. Karen Dolan of the Institute for Policy Studies joins the Marc Steiner Show to explain the current debt ceiling fight and how it could impact your wallet.

Karen Dolan is a fellow at the Institute for Policy Studies.

Production/Post-Production: David Hebden

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[stillraven]

"Once politicians realize that they can buy votes with promises, the government is all but lost." paraphrase

[TheJpmuzz]

raising the debt ceiling has ALWAYS been bad for the country - regardless of their political seating.

[mikeb]

They create this debt ceiling theater every time and never actually do anything about it. They'll raise it and continue to spend more and more just like they always have

[ramsay]

Print more money...WHAT COULD GO WRONG????🤔

[JoeyJoJoJr]

Now do a story about Biden punishing homebuyers with good credit, and why it will cost them more money.

[johnphilpottand]

This is so stupid. No one on either side cares about what the careless spending is doing to the working class people

[tarmotyyri]

Instead of raising the debt ceiling for more debt, why not pay your debt & start living according to your means? The U.S. could start with closing all of its military bases abroad & cut the military budget substantially just like RFK Jr. is proposing.

[terryrobinson]

So this person's expert recommendation is to keep doing what we have been doing that has gotten us into this mess? Just checking for a friend.

[grendal]

This woman would spend your whole check before you pay rent.

[nitetimejohnson]

Actually, all of these budgets hurt Americans. We can't keep offering so many programs to everyone. Our nation isn't bringing in enough money from GNP. We are putting more money out overseas that could have been used to better our own economy.

[pawelpap]

Fiscal terrorism is a good slogan to use? Yes, by unhinged activists. It certainly doesn’t invite rational discussion.
I turned it off after one minute. There are warning on internet about controversial content, there should be about moronic content: listen at the risk of having your intelligence insulted.

[King-IbnDragon]

So, what, congress should just keep raising the debt ceiling and printing money to no end? Never-ending inflation is the name of the game?

[meh]

Not me, I'm one of the lucky 96% of the worlds population that isn't American.

[Sam_eye]

We can pay for our debt but not for democrat per projects and gender study programs in Pakistan

[Skybij]

Whether you limit dept sealing or not it doesn't matter when either way most of bufget money goes to militarily, pharma, financial, media induatrial complexes. Military budged is 860 Billion dillars officially excluding black budgeds!!! Military is unproductive spending, you mights as well blow it up on fireworks. It's insanity that benefitial for just a few on top.

[sabastian]

When will people take financial responsibilty for themselves? Keep playing with the snake hoping it will get better is insanity.

[xx]

The people against social spending, are just against social spending for ordinary people. They have nothing to say on social spending for corporate bailouts, grants and tax cuts.

[donhattery]

Aahhh excuse me your pants are on fire . . . .again🙄😳🤪😵‼️
JOHN 8:32

[grendal]

The federal government should never have debt to begin with. Debt. Can be paid buy births.

[mikecorbeil]

I don't like these videos, for it is only audio, so we don't get to see photos (at least) of people who are referred to, so ....