U.S. will hit its debt limit Thursday, start taking steps to avoid default, Yellen warns Congress
Treasury Secretary Janet Yellen wrote House Speaker Kevin McCarthy, "It is unlikely that cash and extraordinary measures will be exhausted before early June."
www.cnbc.com
The US federal government spent approximately 6.27 trillion while collecting approximately 4.9 trillion on revenue. Now I'm not a math whiz but it sure looks like the federal government spends well over a trillion dollars more than the revenue it collects. With a debt limit already at 31.4 trillion it obvious the US government has become reliant on spending money it does not have. We are already at about 120% of GDP which is generally recognized as the max amount any government can reach before it has major problems. This is also not just a Democrat or Republican issue it's a issue that effects us all equally. With all of that said we reach the debt ceiling Thursday, Democrats are demanding to raise the debt limit without any spending restraints, while Republicans are demanding spending cuts. While I do understand the debt limit will have to be increased I also understand spending is out of control and needs to be restrained because this amount of spending is unsustainable. Fine mess the morons in Washington have us in.