(DailyVantage.com) – Speaker of the House Kevin McCarthy has recently come out and criticized the Biden Administration’s efforts, or lack thereof, in an attempt to prevent the US from defaulting on its debts to other countries and its own citizens.
McCarthy mentioned that while the Biden Administration has been present in “talks” regarding the upcoming default possibility, they haven’t seemed to be taking it seriously. This comes after Janet Yellen, the Treasury Secretary, has constantly made alarming statements about the ramifications of the US defaulting on its debts.
People familiar with the Biden Administration should hardly be surprised at their inability to take the looming debt crisis seriously. Yellen’s warning about the upcoming June 1st deadline is alarming, but the Biden Administration doesn’t seem to actually want to prevent it. This is in line with the White House’s stance on other growing issues, such as immigration and inflation. Despite the constant warnings from Biden’s own nominee, the White House seems content to let the debt default.
Presumably to use the failure to reach a compromise as an anti-Republican criticism. Although there’s still time for a compromise to be reached and the debt to avoid default, the likelihood of both parties reaching a satisfactory conclusion is extremely slim.
The US national debt has reached a total of over 31 trillion dollars. While some of the debt is owed to foreign countries such as China, the majority of it is owed to programs such as social security. This means that the US government owes its own citizens money, hence why many politicians propose the end of social programs like social security in an effort to reduce future debt.
The looming debt ceiling issue has been ongoing for months now, with the US government in a frenzy to find a quick solution to prevent the potential ramifications of defaulting. So far the US has been using saved cash to maintain itself, but this is not sustainable. According to Janet Yellen, the US will reach its debt ceiling by the first of June.
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