Commentary The same old game is starting all over again. The big spenders in Congress and the administrative state are demanding an increase in the debt limit. Republicans aren’t happy about it. They are demanding some fiscal responsibility. The negotiations begin. But the cards are stacked, and why? Because the bad guys in this drama…
The Case for Risking Default on the Debt
February 16, 2023
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‘The Biden Economic Plan Is Working’: Biden
February 15, 2023
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President Joe Biden touted his record on the economy in a Feb. 15 speech at a union hall in Lanham, Maryland as speculation mounts as to whether the 80-year-old former senator will seek a second term. “Inflation is coming down, take-home pay for workers has gone up over the [past] several months. We’ve got more…
Senate GOP Has No Plans to Revisit Medicare, Social Security: McConnell
February 14, 2023
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Senate Republicans have no intention of making cuts or changes to Medicare or Social Security programs, according to Senate Minority Leader Mitch McConnell (R-Ky.). McConnell made the declaration at a Feb. 14 press conference at the Capitol when asked whether Sen. Rick Scott (R-Fla.) should disavow a plan he proposed last year that would require…
Sen. Rick Scott Proposes Bill to Protect Social Security and Medicare
February 11, 2023
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Sen. Rick Scott (R-Fla.) announced a new bill to preserve and protect Social Security and Medicare on Friday after President Joe Biden claimed that Republicans in Congress aim to reduce funding for these programs. The proposed bill, named the Protect Our Seniors Act, would rescind funding from the Inflation Reduction Act for 87,000 new IRS…
Could Washington Default?
Commentary Every few years, Washington approaches a debt ceiling limit, and worries of default multiply. Theoretically, default is possible, but practically speaking, it is never a real possibility. Even in an extended government shutdown, Washington has resources that will allow it to meet principal and interest payments. In this matter, it is critical to realize…
Republicans Move to Guarantee Social Security and Medicare Benefits
House Republicans have introduced legislation to guarantee Social Security and Medicare benefit payments will continue even if the U.S. debt limit is reached, and to state that Social Security should be preserved for generations to come. Both bills were introduced on Feb. 8 and come amid a dispute with President Joe Biden over his characterization…
US Budget Deficit Up 77 Percent Over Last Year
The United States accumulated a deficit of $459 billion in the first third of fiscal year 2023, an increase of 77 percent over the previous year. The finding was reported by the Congressional Budget Office (CBO) on Feb. 8. The deficit would have been even higher if Oct. 1, 2022, the first day of fiscal year…
IMF Chief Fears the ‘Unthinkable’ in America’s Debt-Ceiling Standoff
International Monetary Fund chief Kristalina Georgieva weighed in on the U.S. debt-ceiling standoff, warning in a recent interview that unless U.S. lawmakers take negotiations “very seriously,” then an “unthinkable” debt default can happen, with “very damaging” effects, including even higher interest rates and inflation. Georgieva made the remarks during an interview on CBS that aired…
Biden Chastises Republicans in State of the Union, Prompting Boos, Heckling
February 7, 2023
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During his second State of the Union address on Feb. 7, President Joe Biden encouraged “unity” to “finish the job” and to make life easier for working Americans. Minutes later, he chastised Republicans and wandered off script in response to boisterous boos and jeers. Biden said that his administration has “cut the deficit by more…
Speaker McCarthy Discusses the Debt Ceiling
House Speaker Kevin McCarthy (R-Calif.) delivers an address on the debt ceiling at 5:30 p.m. ET on Feb. 6. The Epoch Times will livestream the event. …
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