Debt Ceiling Dysfunction Could Trigger Global Financial Crisis, Warns Hillary Clinton

Debt Ceiling Dysfunction Could Trigger Global Financial Crisis, Warns Hillary Clinton

Time Stamp: May 1, 2023 11:08 PM
Source Node: 2078913

Former Secretary of State Hillary Clinton says Republicans could trigger a global financial crisis if they do not agree to sign a clean bill to raise the debt ceiling.

In a new op-ed published in the New York Times, Clinton says Republican House Speaker Kevin McCarthy doesn’t understand the implications of playing around with the US debt limit.

“Mr. McCarthy has threatened that House Republicans will refuse to raise the federal government’s debt ceiling, potentially triggering a global financial crisis, unless President Biden agrees to deep cuts to education, health care, food assistance for poor children and other services.

Mr. McCarthy repeatedly invoked the threat of Chinese competition as justification. The speaker is right that this debate has significant national security implications — just not the way he says.”

Republicans introduced a bill to raise the debt ceiling by $1.5 trillion, on the condition that President Joe Biden also signs off on deep spending cuts, as Clinton says. The bill has since passed and is now on its way to the Senate.

Clinton says that if the US ever fails to raise its debt limit and ends up having to default on its obligations, it could result in a “financial meltdown.”

She also says that Republicans are being inconsistent on their position on the debt ceiling, flip-flopping depending on who’s in charge.

“Republicans in Congress have consistently voted to raise the debt ceiling with little drama when a fellow Republican is in the White House — including three times under President Donald Trump. But during Democratic administrations, they have weaponized the debt ceiling to extort concessions, despite the danger of default.”

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Featured Image: Shutterstock/Gary Blakeley

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