The United States will reach its statutory debt ceiling sometime between July and September unless Congress raises it. If the ceiling is reached, what happens next? The answer depends on which economist you ask. The Epoch Times spoke with four authorities, and their answers varied from mild repercussions to economic disaster. Here’s a survey of…
Analysis: Economists Disagree on Fallout of Breaking US Debt Ceiling
US Budget Deficit Up 77 Percent Over Last Year
The United States accumulated a deficit of $459 billion in the first third of fiscal year 2023, an increase of 77 percent over the previous year. The finding was reported by the Congressional Budget Office (CBO) on Feb. 8. The deficit would have been even higher if Oct. 1, 2022, the first day of fiscal year…
McCarthy Makes Case for ‘Responsible’ Increase in Debt Ceiling, Spending Cuts
February 6, 2023
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Executive BranchHouse Speaker Kevin McCarthyPolicies & ImpactsPoliticsRepublicansU.S. national debtUSUS debt ceilingUS News
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House Speaker Kevin McCarthy addressed the nation to rally public support for a “responsible” increase in the nation’s debt ceiling while cutting federal spending. McCarthy described the national debt as the greatest threat to the country’s future, eclipsing inflation, illegal immigration, and China’s “infiltration” of our culture in his 10-minute speech aired live on Feb….
Rationality and Irrationality in the Debt-Ceiling Issue
Commentary Well, here we go again: For the next few months we’ll be witnessing what I call “the debt ceiling dance”—the same old back-and-forth rhetorical sallies (GOP: “We need to cut some spending”; Democrats: “Raise the limit unconditionally”). The ritual of the debt-ceiling dance is well known because we’ve been through it many times before….
LIVE NOW: NTD Business (Jan. 18): Microsoft to Lay Off 10K Workers; Senator Probes Mass Government Surveillance Program
Ten thousand workers at Microsoft facing layoffs, as the company joins a growing list of tech firms that are cutting jobs and trimming costs. The United States is one day away from reaching its borrowing limit, or debt ceiling. But an expert says that debt is not the true problem. A Senator is calling on the…
NTD Business (Jan. 18): Microsoft to Lay Off 10,000 Workers; Senator Probes Mass Government Surveillance Program
Ten thousand workers at Microsoft are facing layoffs, as the company joins a growing list of tech firms that are cutting jobs and trimming costs. The United States is one day away from reaching its borrowing limit, or debt ceiling. But an expert says that debt is not the true problem. A senator is calling…
Voters Overwhelmingly Concerned About National Debt, $1.7 Trillion Omnibus Is ‘Disaster for Our Country’
January 12, 2023
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$1.5 trillion omnibus billBusiness & Marketseconomic policieseconomyFederal debt ceilinggovernment debtinflationPolicies & ImpactsPoliticsU.S. national debtUS
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American voters are concerned about the country’s national debt, which has ballooned over the past decade, with many expressing worries about the $1.7 trillion spending bill that President Joe Biden signed into law last month, according to a recent survey by Rasmussen Reports. When asked how worried they were about the U.S. national debt, which…
A President Who Warned Americans What Extravagant Federal Spending Would Do to Character
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more…
Inflation Hits 40-Year High at 9.1%; Economist: 125% Debt-to-GDP Ratio Unsustainable | NTD Business
Inflation is surging to the highest level in 40 years in June, to 9.1 percent. Is this the peak, or will it go higher? Over the last two years, the U.S. national debt has increased by 25 percent. Every man, woman, and child across America owes $91,000 on average. What can be done to reduce the…
Watchdog Says Biden’s Budget Pushes ‘Taxpayer Burden’ to $919K Each
April 14, 2022
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2022 Midterm ElectionsBiden budgetcongresseconomyExecutive BranchPolicies & ImpactsPoliticstaxesU.S. national debtunfunded liabilitiesUSUS News
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When President Joe Biden submitted his $5.8 trillion Fiscal Year 2023 budget request to Congress in late March, Truth In Accounting’s (TIA) 12th annual “financial state of the union” report was just three weeks old. But after reading Biden’s 149-page proposed budget, TIA founder and CEO Sheila Weinberg quickly realized her group’s 2022 Financial State…
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