"MAGA House Republicans are holding the American economy hostage in order to take a hatchet to programs Americans rely on every day to make ends meet." - CBS
What do the hostage takers want? Should you negotiate with financial terrorists? Decide for yourself with this infographic of their ransom note. Each demand includes a link to more details.
Massive Republican tax cuts for the rich
"Republicans’ massive tax cuts to the rich have cost taxpayers over $10 trillion over the last two decades and now they want America’s workers and families to pay the price," said Representative Richard Neal, the senior Democrat on the House Ways and Means Committee. The White House has called on Congress to raise the debt limit without conditions, as it did three times under Biden's Republican predecessor, Donald Trump.
The bill would pare spending to 2022 levels and then cap growth at 1% a year, repeal some tax incentives for renewable energy and stiffen work requirements for some antipoverty programs. White House Press Secretary Karine Jean-Pierre said Biden would not sign off on such cuts. "President Biden will never force middle class and working families to bear the burden of tax cuts for the wealthiest, as this bill does," she said in a statement. "The President has made clear this bill has no chance of becoming law." - Reuters
Don't negotiate with financial terrorists
The bill does identify specific cuts, most of them are targeted at vulnerable Americans who depend on government help for food, housing, and healthcare. The bill also targets Biden’s legislative achievements in the last session of Congress. In exchange for spending cuts to be determined by the Appropriations Committee at a later date, the bill would raise the debt limit for eleven months—ensuring another financial crisis in the spring of 2024. The bill would:
- Impose additional work requirements on recipients of food stamps and Medicaid;
- Reverse funding to the IRS to improve customer service and crack down on tax cheats;
- Reverse key climate and green energy provisions of the Inflation Reduction Act; and
- Expand coal mining and fossil fuel production.
Biden is right to refuse to negotiate over the debt limit. Congress has the power of the purse; if the US is to avoid defaulting on existing obligations, it is up to Congress to ensure that the US has sufficient liquidity to pay its bills. If McCarthy can’t manage his caucus to deliver that result, he should resign." - Robert Hubbell
Learn more about the MAGA Republican hostage takers
Here’s what’s in the House GOP bill to raise debt limit, cut spending - Washington Post
What’s in the House G.O.P. Debt Limit Bill - NY Times
What's in House Republicans' bill to lift the debt ceiling and cut spending? - CBS News
House Republicans pass debt-ceiling hike, hoping to spur Biden to talks - Reuters
Don’t negotiate with financial terrorists. - Robert Hubbell
TakeAway: Don't negotiate with MAGA financial terrorists who've taken the economy hostage to demand tax cuts for their billionaire donors.
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