We Hit the Debt Ceiling Months Ago. Nobody Cared.

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Here’s another quick reminder for everyone: It’s not true that we’ll hit the debt ceiling on October 18. We’ve already hit it. This happened first on December 31 of last year, and then, after a few months of legislative maneuvering, again on May 19. The Treasury Department has been taking extraordinary measures—withholding payments to pension funds, taking money from the Exchange Stabilization Fund, etc.—to keep the government running ever since.

I only mention this to illustrate how far things have degenerated. Nobody even cares about actually breaching the debt ceiling anymore. We did that months ago, and it was just a date on the calendar. It’s only when the Treasury has exhausted its ability to rob Peter to pay Paul, with all the attendant chaos this produces, that we’ve “really” hit the debt ceiling. Welcome to the new normal, courtesy of the Republican Party.

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"It's that we're screwed with or without him if we can't show the public that what we do matters for the long term," writes Mother Jones CEO Monika Bauerlein as she kicks off our drive to raise $350,000 in donations from readers by July 17.

This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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