Dan Clifton, a Strategas partner and head of policy research, says Republicans have to start crafting a 'unified' debt ceiling plan now.
The Treasury Department will begin deploying "extraordinary measures" this week to prevent the U.S. from defaulting on its obligations. The emergency moves should give Congress until at least early June to raise or suspend the country's current $31.4 trillion borrowing limit. Despite the warning from Yellen, neither Democrats nor Republicans have made any moves toward striking a deal on increasing the debt ceiling.
"Still, in doing so, Treasury would need to balance the federal budget by ensuring that government outlays are equal to government revenues. This would mean an instantaneous cut to GDP worth around 4.5-5.0%, leading to a self-inflicted recession and risking severe financial market dislocations.
If the U.S. failed to raise or suspend the debt limit, it would eventually have to temporarily default on some of its obligations, which could have serious and negative economic implications., has said Republicans "don't want to put any fiscal problems through our economy, and we won’t." He has also not ruled out raising the debt limit, pointing to a debt ceiling deal struck in 2019 between President Trump and Speaker Nancy Pelosi.
We were already going into a recession, The media won't be able to twist this shit because y'all don't live on the ground, Y'all all live in bubbles
Same ol’ playbook-
The debtceiling showdown doesn’t risk a “self-inflicted recession”, the bad policies in DC over the last three years led to the recession. Republicans must get spending cuts out of debt ceiling negotiation in order for there to be substantial real growth again.
Biden's been inflicting it on us for two years.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: dcexaminer - 🏆 6. / 94 Read more »