The US Government is BROKE | The 2023 Debt Ceiling
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The debt ceiling is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.
The current debt ceiling is $31.4 trillion, which has already been reached.
The Department of the Treasury is using "extraordinary measures" to pay its bills, but that could run out soon, according to the Treasury Secretary.
If the debt ceiling isn't lifted, and the U.S. Treasury does not have the ability to pay its obligations, the negative economic effects would quickly mount and risk triggering a deep recession.
Failing to increase the debt limit would cause the government to default on its legal obligations, which would precipitate another financial crisis and threaten the jobs and savings of everyday Americans.
The White House is renewing its demand for Congress to lift the debt ceiling without conditions, as the nation could default on its debt in less than a month.
Lifting the debt ceiling was once a fairly routine vote, but in recent years, the debate has turned particularly rancorous amid the growing partisan divide in Congress.
Since 1960, Congress has raised the ceiling 78 times — 49 times under Republican presidents and 29 times under Democratic presidents.
Congress has always acted when called upon to raise the debt limit.
If the debt ceiling is not raised, the U.S. Treasury would not have the ability to pay its obligations, which could have negative economic effects and risk triggering a deep recession.
The negative economic effects would quickly mount and could lead to the near-term loss of up to 3.1 million jobs.
The Treasury Department might decide to delay or even temporarily halt payments to millions of Americans and government agencies, including Social Security checks, Medicare disbursements, and payments to agencies and state and local governments.
Banks would likely stop lending as much, and economic growth would wilt.
The U.S. would also get a rating downgrade, even if it keeps paying its bonds back and interest on its debt but stops some of its normal spending.
If the U.S. government defaults on its debts, it would mean it isn’t able to make interest payments or pay back Treasury investors when their bonds mature, triggering a recession, job losses, and income disruptions for millions.
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⏰ Timestamps ⏰:
0:00 - Intro
0:56 - What is The Debt Ceiling?
2:03 - Republican or Democrat?
2:57 - What is happening right now
4:59 - The Treasury is Running Low on Cash
6:49 - What if the Debt Limit Isn't Raised?
7:51- Policygenius Spot
9:09 - What if the Debt Limit Isn't Raised? con't
10:25 - What Could Happen To The Economy?
14:15 - My Thoughts
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