Debt Ceiling Watch: The Countdown to $31.4 Trillion
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| By Jordan Chussler |
A standoff in Congress is propelling the U.S. toward a breach of its debt ceiling.
At $31.4 trillion, the limit could be reached as soon as June.
And like most issues in America, there is a stark partisan divide.
Some 55% of Republicans contend Congress should not raise the debt ceiling.
That contrasts with 62% of Democrats who believe Congress should raise it.
However, much of this is posturing for the 2024 election as both parties are signaling to their electorates.
But raising the limit, in fact, is nothing new to either party.
The debt ceiling has been raised by both parties 78 times before: 49 under Republican presidents and 29 under Democrat presidents.
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But while both sides of the aisle nitpick, Senior Analyst Sean Brodrick explains in his column this week that the country could:
• Go into default.
• The government could shut down.
• And the roughly 2.85 million Americans who depend on federal paychecks could go without.
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The U.S. banking industry could now be facing some of its greatest systemic risks in 90 years since the nationwide closing of all banks declared by President Roosevelt on March 6, 1933. Founder Dr. Martin Weiss discusses the increasing risk of bank failures and the government’s role in the crisis.
Until next time,
Jordan Chussler
Managing Editor
Weiss Ratings Daily
