The House Republican caucus made it clear: They plan to hold the global economy hostage to enact his unpopular agenda, including cuts to Social Security and Medicare! How can the do this? By refusing to lift the debt ceiling, an absurd bit of procedural theater that serves absolutely no purpose. All government spending is authorized through the normal appropriations process. The money the debt ceiling prevents us from spending is money that the government has already committed to spend. Refusing to raise the debt limit doesn’t stop spending, it just creates chaos in the financial system, which could create another great depression. SIGN NOW: Abolish the Debt Ceiling! Because the consequences of failing to raise the debt ceiling are so serious, and because voters who don’t follow every back-and-forth exchange in Congress will blame the President for economic calamity, Speaker McCarthy would have extraordinary leverage to over Joe Biden, 18 months before he seeks reelection. It’s economic terrorism―and it’s something Republicans did to President Obama too. Obama made the mistake of negotiating with the terrorists in 2011―and it legitimized an illegitimate tactic that ended with the downgrading of our nation’s credit rating. Sign now: Abolish the debt ceiling!