Joy Reid Says GOP ‘Gleefully Cheering on Economic Destruction’ by Refusing to Raise Debt Ceiling

 

Joy Reid lambasted Senate Republicans on Tuesday for their steadfast refusal to help Democrats raise the debt ceiling limit. The debt ceiling limits the amount of money that the federal government can borrow to meet its financial obligations.

The MSNBC host pointed out how Republicans repeatedly refused to raise the debt ceiling under President Barack Obama, but had no problem doing so under President Donald Trump.

“None of it is real, said Reid. “Republicans do not care about the debt. They never have.”

Raising the ceiling requires House and Senate approval. Of course, under Senate rules, 60 votes would be required to advance such a measure. Democrats hold 50 seats, and it doesn’t appear 10 Republicans are willing to help them raise the limit. Complicating matters is the fact that Senate Democrats also hope to pass a large portion of President Joe Biden’s Build Back Better agenda through the budget reconciliation process, which allows legislation to pass with a simple majority vote.

Minority Leader Mitch McConnell has pointed out that Democrats have the ability to raise the ceiling through reconciliation, and this ostensibly is the Republicans’ reason for not voting to increase the debt limit.

“They only want money to be spent on things like giant subsides for wealthy corporations like oil companies, and tax cuts for the super rich,” said Reid of the Republicans. “All the rest is theater. Hunger Games theater.”

She  played a clip of treasury secretary Janet Yellen warning of dire consequences if the debt ceiling isn’t raised:

It is imperative that Congress address the debt limit. If not, our current estimate is that Treasury will likely exhaust its extraordinary measures by October 18th. At that point, we expect Treasury would be left with very limited resources that would be depleted quickly. America would default for the first time in history. The full faith and credit of the United States would be impaired and our country would likely face a financial crisis and economic recession as a result.

“Senate Republicans are gleefully cheering on economic destruction,” responded Reid. “Full stop. And solely to make a purely political point to punish President Joe Biden and Democrats for wanting to pass a once in a lifetime proposal that would reshape the economic future for Americans like you.”

Watch above via MSNBC.

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