Shockwaves over the debacle to elect Kevin McCarthy (R-Calif.) House Speaker have dissipated by now, but the fallout from raising the federal debt ceiling this year is just beginning. According to the Washington Post, House Republicans are preparing an emergency plan that would prioritize spending if the debt ceiling is not increased. Last week, Treasury Secretary Janet Yellen announced that the department would take “extraordinary measures” in the meantime to continue paying the government’s obligations. What is happening is a direct consequence of McCarthy making concessions to dissident Freedom Caucus members to become Speaker. They are irate over the $1.7 omnibus spending bill enac
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