GOP HYPOCRISY: REPUBLICANS BEMOANING DEBT CEILING HAVE VOTED TO RAISE IT 10 TIMES IN THE LAST 20 YEARS
Republicans Are Handwringing About Raising the Debt Ceiling After Voting to Do So 10 Times in the Last 20 Years
Moody’s Analytics’ Mark Zandi Says Failing to Raise the Debt Ceiling Would Be “Financial Armageddon”
Today, Treasury Secretary Janet Yellen sent a letter to Congress urging lawmakers to raise or suspend the debt ceiling to avoid economic catastrophe— something Congress has done about 80 times since 1960.
Yet Senate Minority Leader Mitch McConnell continues to oppose raising the debt ceiling, claiming today that no members of his caucus will support it. This is despite the fact that the GOP have voted to raise the debt ceiling under Republican presidents 10 times in the past 20 years.
Republicans in Congress have consistently voted to raise or suspend the debt ceiling, even after costly tax cuts for the wealthy.
Between 2017 and 2019, a majority of GOP senators supported raising or suspending the debt ceiling three times, including after the passage of the Tax Cuts and Jobs Act which the CBO estimated would increase the deficit by $1.9 trillion.
Between 2001 and 2008, a majority of GOP senators supported raising the debt ceiling seven times, and passed $5.6 trillion in tax cuts which added to the debt.
Failing to raise the debt ceiling would be catastrophic for American families.
Seniors could lose Social Security checks, putting almost 22 million Americans at risk of falling into poverty.
Families could lose Child Tax Credit payments.
Military families could suffer as the Treasury becomes unable to pay military salaries.
Household payments on mortgages, auto loans, and credit cards would rise.
American corporations and small businesses could see credit markets deteriorate.