House Republicans are planning to destroy the economy entirely in order to strip funding from Medicaid, infrastructure, and everything else that the Biden administration passed last year.
House Republicans are preparing a plan telling the Treasury Department what to do if Congress and the White House don’t agree to lift the nation’s debt limit later this year, underscoring the brinkmanship newly empowered conservatives will bring to the high-stakes negotiations over averting a U.S. default, according to six people aware of the internal discussions.
The plan, which was previously unreported, was part of the private deal reached this month to resolve the standoff between House conservatives and Rep. Kevin McCarthy (R-Calif.) over the election of a House speaker. Rep. Chip Roy (R-Tex.), a leading conservative who helped broker the deal, told The Washington Post that McCarthy agreed to pass a payment prioritization plan by the end of the first quarter of the year.
The emerging contingency plan shows how Republicans are preparing to threaten to not lift the nation’s debt ceiling without major spending cuts from the Biden administration. Congress must pass a law raising the current limit of $31.4 trillion or the Treasury Department can’t borrow anymore, even to pay for spending lawmakers have already authorized. Economists warn that not raising the debt limit could cause the United States to default, sparking a major panic on Wall Street and leading to millions of job losses.
Treasury Secretary Janet L. Yellen said Friday said that the Treasury Department will begin “extraordinary measures” next week to ensure the federal government is able to meet its payment obligations but that it cannot guarantee the United States will make it beyond early June without defaulting. White House press secretary Karine Jean-Pierre reiterated Friday that the administration will not negotiate over the debt ceiling.
Treasury Department aides declined to comment on the GOP plan, and a spokesman for McCarthy did not return requests for comment.
Understand that if the debt ceiling breaches, the economy collapses. These idiots are about to destroy the country's economy for years, if not decades. Massive inflation, interest rate hikes, and unemployment going fro 4% to 14% overnight is just the beginning.
In the preliminary stages of being drafted, the GOP proposal would call on the Biden administration to make only the most critical federal payments if the Treasury Department comes up against the statutory limit on what it can legally borrow. For instance, the plan is almost certain to call on the department to keep making interest payments on the debt, according to four people familiar with the internal deliberations who spoke on the condition of anonymity to describe private conversations. House Republicans’ payment prioritization plan may also stipulate that the Treasury Department should continue making payments on Social Security, Medicare and veterans benefits, as well as funding the military, two of the people said.
Such a move would be unprecedented and hugely controversial, and even releasing the plan could turn into a major political liability for the GOP. A hypothetical proposal that protects Social Security, Medicare, veterans benefits and the military would still leave out huge swaths of critical federal expenditures on things such as Medicaid, food safety inspections, border control and air traffic control, to name just a handful of thousands of programs. Democrats are also likely to accuse Republicans of prioritizing payments to U.S. bondholders — which include Chinese banks — over American citizens.
“Any plan to pay bondholders but not fund school lunches or the FAA or food safety or XYZ is just target practice for us,” a senior Democratic aide said, speaking on the condition of anonymity to discuss a proposal that hasn’t yet been released publicly.
McCarthy and House conservatives intentionally left the details of the
prioritization plan unsettled in their initial agreement, with the
understanding that it could take weeks for Republicans to decide which
federal spending programs must be protected, the two people familiar
with the talks said, and amid uncertainty about the best way to draft
So the House GOP will decide who lives and who dies. Millions, maybe tens of millions, will be out of work. Entire government departments will be shut down and the impact of misery will be immediate. There's no way these clowns will get a loaded revolver pointed at Uncle Sam's head through the Senate, let alone Biden's desk, so we're looking at a wipeout of trillions of dollars.
Not to mention that the secondary knock-on effects will trigger economic disasters across the country. It will be absolute chaos, and people will suffer and die as a result.
They'll blame Biden for it. They won't be able to "prioritize" a damn thing, because the economy will break completely.
We warned all of you this was coming, and people voted to break the government anyway.