![]() ![]() One has to presume that Republicans are perfectly well aware that the US debt is not really a crisis, and that they're not really going to force into default just to be able to hack further away at social programs. How did the United States get into this situation?īecause the Republicans are engaged in one of the most extraordinary campaigns of political recklessness in recent memory. If the debt ceiling isn't raised, the Treasury would not be able to pay nearly half of the 80 million payments it needs to make every month, according to an estimate by budget experts at the Bipartisan Policy Center. 2 deadline for raising the debt ceiling, and urged Congress "to avoid the catastrophic economic and market consequences of a default crisis by raising the statutory debt limit in a timely manner.” The White House wants a deal by July 22. Treasury Department last Friday reiterated its Aug. His new book is entitled “Debt: The First 5,000 Years,” and in it, Graeber indeed examines the historical significance of debt, the struggle between rich and poor, and the moral implications inherent in our ideas about credit and debt. ![]()
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