The United States reached the debt limit yesterday, starting the countdown toward a possible default and an economic catastrophe. “I respectfully urge Congress to act promptly to protect the full faith and credit of the United States,” Treasury Secretary Janet Yellen wrote in a letter yesterday to congressional leaders.
In theory, this should be easy. Congress can simply extend the nation’s borrowing authority, allowing the government to pay its bills and meet its obligations, at which point we could all focus our attention elsewhere. It’s what policymakers from both parties have done several dozen times over the course of the last century. It’s effectively paperwork that costs nothing and takes very little time. It happened three times during Donald Trump’s presidency, and barely anyone even noticed.
But in practice, it’s proving not to be easy at all: The new House Republican majority has said it will only do what needs to be done if Democrats meet the GOP’s…
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