Ending this Manufactured Debt Limit Crisis (and Preventing the Next One)

“Historically underrepresented communities bore the brunt of the COVID-19 pandemic. Millions of families fell behind on rent and mortgage payments, businesses shut down, and students lost crucial in-person learning time. However, Congress is playing political brinkmanship with the lives and livelihoods of families across the country. The economic impact of this political game will be disastrous to families’ finances.

Congress created the debt limit and, by extension, manufactured the repeated debt limit crises in recent years. The current suspension of the debt limit expired on July 31, 2021. Congress should not only act immediately to prevent a financial crisis that would imperil recovery from the COVID-19 pandemic but also prevent similar manufactured crises in the future.”

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