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      U.S. President Joe Biden delivers remarks at the Grand Staircase of the White House in Washington, D.C. on May 24, 2023. ​

      Progressives Rip Effort to Insert Dirty Deal Into Debt Ceiling Hostage Agreement

      "These dangerous and dirty permitting deals are a matter of life and death for millions of people across our country who are already overburdened by decades of fossil fuel pollution," warned one campaigner.

      Jessica Corbett
      May 25, 2023

      Climate action advocates responded with outraged alarm Thursday to reporting that U.S. President Joe Biden and congressional Republicans may try to strike a "dirty deal" on permitting reforms as part of an agreement to raise the debt ceiling.

      The deliberations continue as fears of an economically catastrophic default are growing, with just a week until the U.S. government could run out of money to pay its bills if Congress doesn't increase the debt limit, according to Treasury Secretary Janet Yellen.

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      Make No Mistake: A GOP-Forced Default Will Cause the Next Great Recession

      Make No Mistake: A GOP-Forced Default Will Cause the Next Great Recession

      Holding a historically strong labor market hostage to force an unrelated agenda onto the country risks an economic catastrophe we can’t afford.

      Mike Konczal
      May 22, 2023

      Defaulting on the United States debt would be a catastrophic disaster. Most acknowledge this, but many conservatives do not, and many in particular are flirting with serious economic harm in order to force political priorities that have nothing to do with any long-term budgetary issues. This is irresponsible, counterproductive to addressing any problem our country could face, and puts far too much at risk.

      A default is bad at any time, but it is particularly unforced with the economy doing so well. Having finally recovered to a period of steady, strong growth in the aftermath of the COVID pandemic, we’ve experienced a very strong labor market and declining inflation. The unemployment rate has declined to a 50-year low overall, and the lowest on record for Black Americans. Millions have returned to the labor force; the prime-age (25-54) employment-to-population ratio—a good and consistent measure across time—is above pre-pandemic rates. Many thought this number would be permanently lower as a result of the Great Recession. Instead, it’s now at the highest rate since 2001, and it continues to grow.

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      Kevin McCarthy

      'End the Absurdity'​: Experts Say Biden Must Not Let GOP Force 'Catastrophic' Default

      "This default would be a crisis for our economy and our democracy, and it threatens to devastate communities across the country."

      Jessica Corbett
      May 09, 2023

      Ahead of congressional leaders' Tuesday meeting at the White House, economists and other experts have renewed warnings about what the GOP's threatened first-ever U.S. default—or even coming precariously close to it—could mean for the country.

      "Any time would be a bad time to default, but right now, in particular, would be pretty catastrophic," said Mike Konczal, director of macroeconomic analysis at the Roosevelt Institute, during a Monday press conference. "The conservative agenda right now is to try to reduce the standard of living for many people without having to have their fingerprints on it."

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