'These power-hungry lawmakers are so determined to keep the Biden administration from rebuilding the middle class that they're willing to tank the economy to do it,' one advocate warned.
"The MAGA extremists running the House fully intend to manufacture a disastrous default crisis by making demands they know to be nonstarters—like letting wealthy tax cheats and big polluters off the hook," Liz Zelnick, director of Economic Security and Corporate Power at Accountable.
"They demand sacrifice only from everyday Americans while they insist on preserving or even expanding wasteful tax breaks for billionaires and greedy corporations," said Zelnick. "They're playing a dangerous game of chicken with the economy and the lives of millions of working families." A 2011 debt ceiling standoff—when Biden was vice president—enabled congressional Republicans to impose austerity and also resulted in a historic downgrading of the U.S. government's credit rating, but the country has never defaulted on its debt. Economistsduring the last standoff in 2021 that a default would trigger enough chaos in global financial markets to destroy almost six million jobs and roughly $15 trillion in household wealth in the U.S. alone.
The latest ultimatum from the Freedom Caucus "appeared to complicate efforts to clinch a deal and avert a looming fiscal calamity,"Biden has repeatedly denounced Republicans for taking the economy hostage in a bid to force through harmful changes, declining to entertain what he calls their "gut punch to the middle class.
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