(WatchDogReport.org) – America’s debt ceiling currently sits at $31 trillion, which doesn’t reference consumers and their credit card habits. That figure represents the national debt of the United States, owed to foreign countries like Japan and China, and also to American governmental entities like Social Security. While not in default at this point, the money to pay the country’s bills will run out in the summer of 2023 unless the debt ceiling can be raised — no small feat for a nation divided by party lines and loyalties.
Republican House Speaker Kevin McCarthy spoke at the New York Stock Exchange, voicing his promise to address the debt issue. He said he has and will continue to push productive legislation to address the nation’s debt. He has offered options to cut the budget, but Democratic leaders in the Senate have not yet jumped on board, likely because the suggested cuts target Biden’s climate-change agenda and related policies.
McCarthy says President Biden is not helping the situation and has been unable to discuss any possibilities. During his speech, McCarthy referenced the debt issue as a “ticking time bomb” for America. He assured listeners that Republicans will make something happen to keep the Federal Government out of default.
The Biden Administration responded to McCarthy’s comments by saying the Democrats are ready for discussions as long as Republicans can offer options with no strings or political conditions attached. Democrats accused McCarthy of strong talk in his speech, but said he lacked a feasible plan. Democratic Senate Majority Leader Chuck Schumer said McCarthy is causing roadblocks in the debt discussions. Schumer said he and President Biden are ready to talk with McCarthy when he has more details to debate.
McCarthy says the United States has never defaulted on its debts and that it is not an option for the country. The Federal Budget has not been balanced since 2001.
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