The debt ceiling debate is back. On May 1, Treasury Secretary Janet Yellen warned that the US government could default on its debts as soon as June 1. The debt ceiling debate has been a perennial feature of American politics over the last two decades—ever since the national deficit began to balloon as an effect of the Bush Jr. administration's War on Terror and tax cuts for the wealthy. During the Obama years, Congressional sparring over the debt ceiling was a favored Republican tactic to obstruct their opposition's agenda. Under the Trump administration, the debt ceiling was suspended, allowing federal deficits to explode by some $7.8 trillion—$2 trillion of which went to tax cuts for big corporations and the wealthiest individuals alone. Now, the GOP has returned to its selective handwringing over the debt ceiling. And House Speaker Kevin McCarthy's latest plan, the Limit, Save, Grow Act, could have disastrous consequences for average people while once again lining the pockets of the rich. Karen Dolan of the Institute for Policy Studies joins the Marc Steiner Show to explain the current debt ceiling fight and how it could impact your wallet.

Karen Dolan is a fellow at the Institute for Policy Studies.

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