USA is due to hit the maximum $31 Trillion Debt Ceiling
US Treasury Secretary Janet Yellen has written to Congress advising that the USA is due to hit the maximum $31 Trillion Debt Ceiling on 1st June 2023 and unless the Limit is Increased the USA is likely to DEFAULT on its Debt Obligations. The House of Representatives have approved a REPUBLICAN plan to increase the limit by $1.5 Trillion however that plan required a variety of spending cuts that Joe Biden & the DEMOCRATS are refusing to agree to. If a deal cannot be reached this would be the first time in history that the USA has Defaulted and would have major repercussions for both the USA and the Global Economy. In this video I provide more details on the Debt Ceiling, look at the current debt position, review Janet Yellen’s letter, the implications of a USA default and discuss the likely outcome.
Credit to : Joe Bloggs