Team,

You’ve probably seen headlines lately about the “debt ceiling” and negotiations between President Joe Biden and House Speaker Kevin McCarthy. But what is actually going on -- and what does it have to do with you?  

Here’s the debt default explainer you need to read right now (or, if you’re already up to date, skip straight to our critical grassroots petition -- add your name to tell Kevin McCarthy to stop holding our economy hostage):

What is the "debt ceiling" anyway, and what does it mean to default?

The debt ceiling, or debt limit, is the total amount of debt the American government is allowed to go into -- a cap on the amount of money we can borrow to pay our bills for things like Social Security.

This isn’t new, but the idea of allowing the government to go into default -- a.k.a. refusing to raise that debt limit when we’re at its maximum -- is in the news right now because it would have disastrous effects on our economy, and it’s very close to taking place unless we act.

What is actually about to happen here? 

We’ve already reached the debt limit -- meaning we cannot borrow any more money, unless Congress raises that limit. The Treasury Department says that we could run out of money as soon as June 1st.

One immediate effect of defaulting could be that the government would not have the funds it needs to pay for things like Social Security and military servicemembers’ salaries.

But it’s more than that -- defaulting on our bills would plunge our entire economy into catastrophe. Stock markets could crash, there could be widespread job losses, and everyday Americans’ retirement savings could be obliterated. This is not a drill.

What are Republicans doing?

If you thought that was bad, just wait until you hear about the proposed “solution” from Republicans -- a bill that raises the debt limit, only in exchange for completely gutting programs that we need to keep American families safe and healthy.

Their bill would cut child care and preschool options, strip food assistance for those in need, make college more expensive, raise housing costs, and threaten medical care for veterans.

In short, they’re holding our economy hostage and making extreme demands that would hurt kids, families, students, seniors, and veterans.

So what's the solution? 

In short, Congress MUST raise the debt limit so we can avoid default, and they must do it without caving to Kevin McCarthy and the GOP’s harmful demands.

Tim and his Democratic colleagues are doing everything they can, but the clock is ticking -- so we’re asking for your help.

Will you sign a petition to Speaker McCarthy right now telling him to STOP playing politics with our economy and start getting serious about avoiding default?

Republicans are essentially putting their political points above your bottom line -- from your savings account to your kids’ education to your grocery bill. We can’t stand for this -- so thanks for adding your voice to this critical grassroots push.

Sign the petition now to tell the GOP not to hold the American economy hostage for their own political gain.

More soon,

Team Kaine 

Paid for by Kaine for Virginia

Kaine for Virginia
P.O. Box 239
Alexandria, VA 22313
United States

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