If the ceiling of $28 trillion has been hit already then they'll have to lift the ceiling to at least $35 trillion in order to accommodate Biden's spending splurge, IMO.
Given the Republican/Democrats hostilities at present, it will be interesting to see how it all pans out. Biden programs are close to an extra $4 trillion financed by debt which , when implemented, will take US sovereign debt to almost $33 Trillion or well over 150% of GDP
At the current US rate of spending (budget deficits,) US debt would balloon to $48 Trillion by 2025 or a ridiculous 177% of GDP.
In the interim, the US is facing an impossible choice: deficit spending (more debt) or recession, IMO.
Its quite ironic that the Billionaires are having a hayday while the country is going down the tube! Who does the Government represent; the billionaires who are pocketing the lollies now or the general taxpayer who will have to foot the bill later?
