Insider reported:
As the US creeps ever closer to a devastating debt default, which would immediately spiral the country and likely the world into a financial crisis, Republicans aren't preparing to negotiate — they're preparing emergency measures.
The plan to deal with a U.S. government default is actually called the "Default Prevention Act." In practice it is the "Default Implementation Act."
Can independent voters get some sane, non-jerk adults in Washington D.C.?
Update 3-13-23: Default should go over real well after three bank failures in the last week.
Update 4-3-23: "A new Republican majority in the House is itching for a spending showdown, and determined not to yield." The clown car is loaded and soon may spill America's debt rating all over the highway.
Update 4-19-23: There are a few sane, non-jerk adults in the House as 32 Republicans and 32 Democrats "called for suspending the debt ceiling through Dec. 31, 2023, and proceeding with the typical budget and appropriations cycle to remove immediate pressure of defaulting on our national debt."
Update 5-3-23: It's sad we have to go through this nonsense yet again. Financial consequences could be catastrophic.
Update 5-7-23: Red Team Senator Mitt Romney suggested it is time to get to work on passing debt increase legislation. That requires bipartisanship which neither party seems interested in.
Update 5-14-23: Virtually all business leaders and most citizens want the U.S. not to default on its obligations. What's different this time? Titular head of the Insane Reds and chaos agent Donald Trump wants to "try it." As usual elected officials will ignore widespread public opinion so they can play "I win/ you lose."
Update 5-20-23: Trump said Insane Reds should get everything they want in order to vote to raise debt ceiling. During the Trump administration Congressional Republicans voted multiple times to lift the debt ceiling without spending cuts. "Do as I say not as I did."
Update 5-21-23: Red Team Rep. Jodey Arrington neglected to reveal how many times he voted for a debt increase under the Trump presidency as he spouted nonsense on a ABC's This Morning. The Insane Reds' titular leader wants a default. Donald Trump is a nasty person, ethically and morally bankrupt.
Update 5-25-23: Insane Red Team Rep. Matt Gaetz lauded his party holding the U.S. economy "hostage" over debt ceiling negotiations. Lawmakers plan to leave town without a deal. Fitch and DBRS placed the U.S. on a negative credit watch. Despite these developments Wharton Professor Jeremy Siegel says there is zero chance of default. Trump wants to "try it" in another one of his "burn it down" moves. Insane Red Kevin McCarthy blamed the Blue Lucys for not passing a debt ceiling increase before he came into power as House Speaker. Cracker Barbie Marjorie Taylor Greene said Americans don't care about missing a Social Security check. She said the Insane Reds aren't sweating the least bit.
Update 5-27-23: Warren Buffett warned that not raising the debt ceiling might be Congress' most idiotic move ever.
Update 5-28-23: With a new deadline of June 5th the Biden-McCarthy negotiating team reached a deal. Congress has to pass it and send it to the White House.
Update 8-3-23: Fitch ratings downgraded U.S. debt to AA+ from AAA. The next government shutdown could occur at the end of September as Congress plans to take a month off and not return until after Labor Day.
Update 9-13-23: A former House leader has advice for those pushing a government shutdown.
