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    Common Dreams. To inform. To inspire. To ignite change for the common good.
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    Common DreamsTo inform. To inspire. To ignite change for the common good.

    debt ceiling

    Evacuees from the Eaton Fire dwell among heaps of clothes displayed on the ground at a donation center in Santa Anita Park, Arcadia, California.

    'Abominable': Trump and GOP Float Tying Los Angeles Wildfire Aid to Debt Ceiling

    "It's outrageous that Trump and House Republicans are threatening to withhold recovery aid if their conditions aren't met," said a leader in the Working Families Party.

    Eloise Goldsmith
    Jan 13, 2025

    The deputy national director of the Working Families Party had sharp words for a group of House Republicans and President-elect Donald Trump, who, according to Politico reporting published Monday, discussed tying fire relief for California to the politically charged issue of increasing the debt ceiling.

    The reporting comes as California continues to battle fires in the Los Angeles area that have consumed tens of thousands of acres and left over 20 people dead. The scale of the destruction could make them, collectively, the costliest wildfire disaster in U.S. history, a climate scientist told the Los Angeles Times last week.

    Keep ReadingShow Less
    california
    disaster-relief
    Treasury Secretary Janet Yellen speaks during a press conference

    Treasury Chief Warns US Could Hit Debt Limit in Mid-January

    Treasury Secretary Janet Yellen implored Congress to "protect the full faith and credit of the United States" or face imposition of "extraordinary measures."

    Brett Wilkins
    Dec 27, 2024

    U.S. Treasury Secretary Janet Yellen warned Congress on Friday that—absent imminent action to raise or suspend the nation's debt limit—her agency would likely have to take "extraordinary measures" as soon as January 14 to avert hitting the debt ceiling.

    "As you know, the debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments," Yellen wrote in a letter sent to congressional leaders. "In June 2023, the Fiscal Responsibility Act of 2023 was enacted, suspending the debt limit through January 1, 2025."

    Keep ReadingShow Less
    u.s. congress
    debt
    House Works To Pass Spending Bill To Avert Government Shutdown

    Call for $2.5 Trillion in Cuts Proves GOP Wants to 'Steal Our Benefits'

    "Nearly 60% of mandatory spending is for Medicare and Social Security," noted one expert. "If they don't touch those, they'd have to cut Medicaid to the bone."

    Jake Johnson
    Dec 20, 2024

    With a potential government shutdown just hours away, House Republican leaders displayed a slide during a closed-door GOP conference meeting on Friday showing a draft agreement proposing $2.5 trillion in net mandatory spending cuts in exchange for raising the U.S. debt ceiling by $1.5 trillion at some point next year.

    The slide was seen as further confirmation that Republicans are seriously eyeing cuts to Social Security, Medicare, Medicaid, and federal nutrition assistance—programs that fall under the mandatory spending category.

    Keep ReadingShow Less
    austerity
    republican-party
    Elon Musk

    'President Musk' Trends After Trump's Top Oligarch Torpedoes Federal Spending Deal

    "Welcome to the Elon Musk presidency," wrote Democratic Rep. Robert Garcia.

    Eloise Goldsmith
    Dec 19, 2024

    Congress is careening toward a government shutdown after U.S. President-elect Trump, egged on by billionaire Elon Musk—who helped bankroll Trump's reelection campaign and is slated to help oversee cuts to government spending and regulation in the new administration—torpedoed a federal spending bill that would have kept the government open for the next few months.

    The episode has drawn sharp rebuke from Democrats, and caused a number to muse whether it's Musk who's really in charge.

    Keep ReadingShow Less
    billionaires
    elon-musk

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