Republicans holding out on raising US debt ceiling :
https://www.theguardian.com/us-news/2021/sep/19/government-shutdown-fears-debt-ceiling-talks-latest-democrats-republicansIf 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
https://www.usdebtclock.org/cbo-omb-gop-budget-estimates.htmlAt 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?
