The government will reach the debt ceiling around the middle of May, and unless that ceiling is raised by Congress the government might have to default on the debt it owes. If that were to happen it could not only throw this country into a depression, but could have negative worldwide reprecussions. The House Republicans don't seem to care about that. They simply see an opportunity to use this crises to get rid of social programs they never liked (like Medicare and Medicaid) and cut many others (Social Security, food stamps, unemployment insurance, etc.), while giving more tax cuts to the corporations and the mega-rich.
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