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House Republicans and Democrats are facing a showdown over raising the nation’s borrowing limit as the U.S. hits its $34.1 trillion debt ceiling.
Senate Republicans successfully filibustered a House-passed bill that would’ve avoided a government shutdown.
In a crisis, where debt suddenly became completely unmanageable, cutting spending or services wouldn't and couldn't happen fast enough. Raising taxes is an even slower process. Look how hard it is to do either, even in times when we aren't in crisis.
WHAT'S HAPPENING
WHAT'S HAPPENING
Over the weekend, Governor Alejandro Garcia Padilla of Puerto Rico announced that the US territory would skip payment on almost $370 million in debt that was due today. Anyone who's struggling with unaffordable debts should follow Puerto Rico's lead, and stop paying.
As Puerto Rico "unfolds into chaos," lawmakers are taking their time to help the island, which over 3.5 million Americans call home.
