‘A Financial Catastrophe’: Expert Sounds Alarm on United States Out of Control Debt, Spending

Treasury Secretary Janet Yellen is warning Congress to raise the federal debt limit as soon as possible or risk potential harm to the U.S. economy. In a letter to congressional leaders, Yellen claimed that as of August 1st, the outstanding debt of the United States will be at the statutory limit. While it’s been done a few times in recent history, getting Congress on board to raise the debt ceiling through regular order right now might not be so easy. Republicans say Democrats are in a spending free for all and argue they’ll only support raising the debt ceiling if Democrats promise major spending reforms.

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