New Year, Old Debts: Stage Set for Congressional Free-For-All Over Painful Budget Cuts
Sputnik News - World News, Breaking News & Top Stories (nprofile…wkjv)
✍️ The US federal debt ceiling has returned after a year-and-a-half break, with the government owing $36.3 trillion, and Congress is set to debate raising the limit or making deep cuts in spending to avoid default.
👉 The US federal debt has increased by $5 trillion since the last debt ceiling was set
👉 The government is expected to run out of money in a few weeks if the debt ceiling is not raised or spending is not cut
👉 Fiscal conservatives are pushing for deep cuts in spending to reduce the deficit
👉 President-elect Trump is seeking to rally allies in Congress to raise the debt ceiling or scrap it altogether
👉 Cuts to Social Security, Medicare, Medicaid, education, transportation, infrastructure, and national defense are being considered
#RandPaul #KevinMcCarthy #MikeJohnson #DonaldTrump #politics
quoting nevent1q…wfjpSputnik News - World News, Breaking News & Top Stories (nprofile…wkjv)
Last week, Treasury secretary Janet Yellen warned the US would reach its new debt limit sometime between January 14-23, risking a government shutdown. Earlier, President-Elect Trump tried to strongarm lawmakers into upping limits to federal borrowing, or doing away with them altogether, with fiscal conservatives vowing to fight him over the issue.
https://sputnikglobe.com/20250102/new-year-old-debts-stage-set-for-congressional-free-for-all-over-painful-budget-cuts-1121338585.html