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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 limit

    Johnson, Trump, Musk, Vance

    Looming Government Shutdown a 'Terrifying Preview' of Trump and DOGE

    "Nothing like a couple billionaires wreaking havoc on working families right before the holidays," said Rep. Mark Pocan.

    Jessica Corbett
    Dec 18, 2024

    U.S. President Trump and his allies, including billionaires Elon Musk and Vivek Ramaswamy, are blowing up bipartisan efforts to prevent a government shutdown that could begin this weekend with statements opposing a proposed stopgap measure.

    "Currently reading the 1,547-page bill to fund the government through mid-March. Expecting every U.S. congressman and senator to do the same," Ramaswamy posted on Musk's social media platform X late Tuesday. Trump has asked the two billionaires to co-lead the forthcoming Department of Government Efficiency (DOGE), which they have said will pursue massive cuts to federal regulations and spending.

    Keep ReadingShow Less
    News
    donald trump
     looks on as U.S. President Joe Biden

    Watchdog Slams Biden DOJ's Push to Preserve Debt Ceiling as Another Crisis Looms

    "Why is the Biden administration trying to rob itself of a clear opportunity to protect American workers and the economy from being roiled by MAGA saboteurs?" asked the head of the Revolving Door Project.

    Jessica Corbett
    Aug 10, 2023

    A government watchdog on Thursday called out the Biden administration for attempting to kill a lawsuit filed in May by a union representing about 75,000 workers across U.S. agencies that challenges the federal debt ceiling law.

    "Why is the Biden administration trying to rob itself of a clear opportunity to protect American workers and the economy from being roiled by MAGA saboteurs?" asked Jeff Hauser, executive director of the Revolving Door Project.

    Keep ReadingShow Less
    News
    debt ceiling
    U.S. Sen. Dick Durbin (D-Ill.) listens during a Senate Judiciary Committee business meeting in Washington, D.C. April 4, 2022.

    Dems Unveil Debt Ceiling Reform Act to Prevent Future GOP Hostage-Taking

    "After a near-catastrophic default thanks to political games by our Republican colleagues, it's time to put the debt ceiling in the hands of the Treasury secretary," said Sen. Dick Durbin.

    Jessica Corbett
    Jun 09, 2023

    In the wake of President Joe Biden and Congress just barely averting an economically catastrophic U.S. default, a pair of Democratic leaders on Friday introduced a bill intended to stop Republican lawmakers from holding the economy hostage again.

    Contending that the recent crisis proves the current process "is broken and unsustainable," House Budget Committee Ranking Member Brendan Boyle (D-Pa.) and Senate Majority Whip Dick Durbin (D-Ill.) introduced the Debt Ceiling Reform Act.

    Keep ReadingShow Less
    News
    debt ceiling
    President Biden Meets With Speaker McCarthy As Debt Ceiling Negotiations Continue

    For Corporate Media, Caving to GOP Debt Limit Blackmail Was a Triumph of Bipartisanship

    Treating the Republican gambit as anything other than economic hostage-taking gave it the legitimacy the party needed to stick with it without fear of massive political blowback.

    Julie Hollar
    Jim Naureckas
    Jun 05, 2023

    When Congress passed the debt ceiling deal hammered out by President Joe Biden and House Majority Leader Kevin McCarthy, centrist media celebrated.

    If we had anything like a responsible White House press corps, we never would have gotten to this point. Treating the Republican gambit—demanding deeply unpopular policy measures in exchange for allowing the government to pay off debts Congress had already authorized—as anything other than economic hostage-taking gave it the legitimacy the party needed to stick with it without fear of massive political blowback (CounterSpin, 5/5/23).

    Keep ReadingShow Less
    Opinion
    corporate media
    President Biden Meets With Speaker McCarthy As Debt Ceiling Negotiations Continue

    This Dirty Rotten Deal Shows Why We Must Abolish the Debt Ceiling

    As long as we have a debt limit, we will continue to risk forcing unpopular, harmful cuts to federal investment at the expense of the economic well-being of low- and middle-income people.

    Samantha Sanders
    Josh Bivens
    Jun 03, 2023

    The debt limit deal that Congress passed and President Biden will sign tonight may avert the economic crisis that would be caused by the U.S. government defaulting on its payments. But it’s worth reiterating that we shouldn’t be in this deal-making situation to begin with.

    “Debt limit deals” are a way to force policy change through a backdoor by holding the U.S. (and global) economy hostage. Accepting that “debt limit deals” are just business as usual every time we approach the ceiling basically means that one political party can gain access to an inordinately powerful “hack” around the normal democratic process so long as some arbitrary conditions prevail.

    Keep ReadingShow Less
    Opinion
    debt ceiling
    President Joe Biden gives speech in Oval Office

    Progressives Say Submitting to GOP Ransom on Debt Ceiling 'Nothing to Brag About'

    "Here's the news media's takeaway on the debt ceiling deal: Yay! Bipartisanship works! Here's the reality: GOP radicals held the economy hostage, Democrats paid the ransom, and bipartisanship is badly broken."

    Jon Queally
    Jun 03, 2023

    President Joe Biden delivered his first televised address from the Oval Office on Friday night to applaud the final result of legislative negotiations between his administration and Republicans in Congress who took the U.S. economy hostage over the debt ceiling, but progressive critics found the victory lap hard to take given the details of the deal and the devastating impacts they will have.

    "It was critical to reach an agreement and it's very good news for the American people," Biden said during his remarks from the White House. "No one got everything they wanted but the American people got what they needed. We averted an economic crisis and an economic collapse."

    Keep ReadingShow Less
    News
    debt ceiling
    President Joe Biden talks with Lockheed Martin CEO Jim Taiclet

    Lockheed Martin CEO Hails Pentagon Budget Boost in Debt Limit Deal

    The head of the major U.S. military contractor said the Pentagon top-line in the debt ceiling deal is "as good an outcome as our industry or our company could ask for at this point."

    Jake Johnson
    Jun 02, 2023

    The head of the top weapons contractor in the United States said Thursday that he's happy with the debt ceiling agreement negotiated by the congressional Republicans and the Biden White House, a deal that proposes a military budget increase while imposing two years of caps on other discretionary federal spending—impacting funding for education, housing, and more.

    James Taiclet, the CEO of Lockheed Martin, said at a conference that the bill now awaiting President Joe Biden's signature is "as good an outcome as our industry or our company could ask for at this point," noting that it calls for "3% growth for two years in defense where other areas of the budget are being reduced."

    Keep ReadingShow Less
    News
    lockheed martin
    Youth activists march in Washington, D.C.'s Lafayette Square on June 28, 2021.

    Climate Youth Warn Dems Debt Ceiling Deal Is 'Politically and Morally Dangerous'

    "President Biden and the Democratic Party should know the passage of this negotiation is the type of harmful decision that makes our generation feel disillusioned and defeated," said the Sunrise Movement's leader.

    Jessica Corbett
    May 31, 2023

    As the U.S. House of Representatives prepared to vote on President Joe Biden's debt limit deal with GOP negotiators Wednesday evening, the youth-led Sunrise Movement warned Democrats that the so-called Fiscal Responsibility Act could have a major impact on the 2024 elections.

    "When we're knocking on doors and on college campuses, we constantly hear young people in our generation feel like the government doesn't work for them," said Sunrise Movement executive director Varshini Prakash in a statement. "This debt ceiling deal tells these young people that the U.S. will keep polluting our air and water by approving the Mountain Valley Pipeline, that our government will make life harder for working people, and that our system values billionaires over students."

    Keep ReadingShow Less
    News
    debt ceiling
    Schumer protest

    Climate Activists Decry Pipeline 'Deal With the Devil' at Protest Outside Schumer's Home

    "We're taking the streets to shut it down and send the message to Sen. Schumer that he must STOP the #DirtyDeal being included in the debt ceiling bill!"

    Brett Wilkins
    May 30, 2023

    As progressives excoriated President Joe Biden's debt ceiling deal with Republican lawmakers over "polluter giveaways" including the Mountain Valley Pipeline, activists rallied outside Sen. Chuck Schumer's Brooklyn home on Tuesday evening with a message for the majority leader: "Stop the dirty pipeline deal, or we shut down your block."

    The protesters—led by Climate Defiance and backed by Food & Water Watch, Climate Defenders, Climate Families NYC, New York Communities for Change (NYCC), and others—chanted messages including "Schumer, stop the dirty deal" as they marched in the Park Slope neighborhood where he lives.

    Keep ReadingShow Less
    News
    debt ceiling
    U.S. House Speaker Kevin McCarthy (R-Calif.) walks through the Capitol in Washington, D.C. on May 30, 2023.

    It's on McCarthy to Find Votes for Ransom Package, Say Progressives

    "Kevin McCarthy took the American economy, and working people's economic security, hostage," said one campaigner. "Now if he wants to get his ransom, he ought to put up the votes from his own caucus."

    Jessica Corbett
    May 30, 2023

    As the U.S. House of Representatives prepares for a debt ceiling vote as soon as Wednesday, progressives in Congress and beyond are arguing that it is the responsibility of Speaker Kevin McCarthy to deliver the GOP votes needed to pass the package he negotiated with President Joe Biden with the nation hurtling toward economic catastrophe.

    The window to prevent the first-ever U.S. default is rapidly closing, with Treasury Secretary Janet Yellen warning McCarthy (R-Calif.) that absent action on the debt ceiling, the federal government will run out of money to pay its bills on June 5. The so-called Fiscal Responsibility Act announced over the weekend would suspend the country's arbitrary borrowing limit until January 2025.

    Keep ReadingShow Less
    News
    debt ceiling
    See More

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