The Impending Financial Disaster: Understanding the Debt Limit Showdown.

The U.S. may default on its debt in June if Congress fails to pass an increase in the debt limit, which is a possibility due to the Republican Party's desire to destroy the "administrative state" and return to pre-New Deal politics. This would mean a return to vicious predatory capitalism and severe hobbling of democracy. Some Republicans believe that a U.S. default is necessary to avoid a totalitarian future, and any suffering by regular people would likely redound to their political benefit. The Biden administration apparently has no credible plan to ward off this catastrophe.