What the Debt Limit Fight Is Actually About

Photo caption: A group of Senate Republicans hold a news conference to pass the House GOP legislation that would raise the debt limit and cut federal spending, outside the U.S. Capitol on May 3, 2023, in Washington, D.C. Photo credit: Chip Somodevilla / Getty Images. Article by Jon Schwarz. The Intercept – May 6 2023.

It’s hard to believe I’m typing these words, but there’s a genuine chance Congress may fail to pass an increase in the debt limit. That would mean the U.S. might then in turn default on its debt sometime in June. No one knows what would happen at that point, because it’s completely unprecedented. But it almost certainly would be deeply unpleasant, with huge job losses, unpredictable bits of the economy imploding, and knock-on effects in other countries that will make them both fear and hate us for decades. […]

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