Late Wednesday, the House passed an agreement to raise the debt ceiling in exchange for a few micro changes in spending. But despite all the (wildly exaggerated) warnings about a default, complaints from both sides about the terms of the deal, and what no doubt will be celebrations in the White House for getting a deal done – this fight has always been a sideshow. It’s the debt itself that poses the real and immediate crisis. And this debt ceiling bill does absolutely nothing to address that.
In other words, it’s business as usual in Washington, and anyone celebrating this agreement should be run out of town on a rail.
Here’s what the country faces today.
Interest payments are exploding : Thanks to unprecedented spending during COVID, not only does the government owe interest on $3 trillion more debt than it did when Joe Biden took office, interest rates are going […]
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