Birdwatch Archive

Birdwatch Note

2023-04-20 08:38:56 UTC - MISINFORMED_OR_POTENTIALLY_MISLEADING

Kevin McCarthy is tying the debt ceiling raise to a budget, but the debt ceiling is based on money already spent. You could cut the budget to zero today & it would have no effect on needing to raise the debt ceiling. And not raising it would be economically catastrophic. https://www.marketplace.org/2023/04/17/the-last-time-the-u-s-almost-defaulted-on-its-loans-the-consequences-were-expensive/amp/ https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/debt-limit

Written by 402B540523477342514CCBFB8666A02B089D96DD1F4F411E97879DB801B9D532
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• noteAuthorParticipantId - 402B540523477342514CCBFB8666A02B089D96DD1F4F411E97879DB801B9D532 Participant Details
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• classification - MISINFORMED_OR_POTENTIALLY_MISLEADING
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• summary
• Kevin McCarthy is tying the debt ceiling raise to a budget, but the debt ceiling is based on money already spent. You could cut the budget to zero today & it would have no effect on needing to raise the debt ceiling. And not raising it would be economically catastrophic. https://www.marketplace.org/2023/04/17/the-last-time-the-u-s-almost-defaulted-on-its-loans-the-consequences-were-expensive/amp/ https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/debt-limit