1/19/23 - The U.S. Is Expected To Hit Its "Debt Ceiling"

Thursday, January 19, 2023 at 9:10 AM

istockphoto unsplash.com

Treasury Secretary Janet Yellen sent a letter to Congress last week urging them to raise the limit before the expected deadline.

WASHINGTON — The U.S. government is hitting its debt limit today and it will require the Treasury Department to find ways to pay the bills.

There are special financial tools that can be used to extended to pay the debt.  They can extend until early June and Congress will need to act to prevent default.

Treasury Secretary Janet Yellen says using the extraordinary measures enables the government to meet its obligations for just a limited time. Failure to come up with an agreement would impact global financial stability.   

Without a higher ceiling, the government would have to default on bills already incurred that it has already committed to pay.

Even the threat of default could cause an economic downturn.  That occurred in 2011 when the country's credit rating dropped as a result of the drawn-out debt ceiling debate.

The national debt is nearly $31 Trillion dollars.

The U.S. has raised the debt limit 78 times since 1960.

 

 

 

 

More from Featured

On Air Now WCSG Music
The Truth Megan Woods 2:41am
Canvas And Clay Pat Barrett 2:38am
Encouraging Words From Your Bible

Surely God is my salvation; I will trust and not be afraid. The Lord, the Lord, is my strength and my defense; he has become my salvation.

ISAIAH 12:2 | NIV
Family-Friendly Commercial-Free
91.3 WCSG
Grand Rapids / Lakeshore
88.3 WCXK
Kalamazoo
90.9 WCFG
Battle Creek
89.9 WCXB
Benton Harbor