And we're breaking news right now as we take a live look at the White House the United States now expected to reach its debt limit today Jessica Gray is joining us live she is monitoring things in Washington at this hour and Jessica the last time the country came close to hitting the debt ceiling was back in 2011 under the Obama Administration.
Good morning the U.S is 31.4 trillion dollars in debt and it's looking more and more likely our country will hit the debt ceiling today with the Biden Administration and House Republicans refusing to budge the debt limit established by Congress is the maximum amount that the federal government can borrow to pay its bills after the U.S.
Reaches its borrowing Gap the treasury Department will start enacting Extraordinary Measures to postpone a default the Biden Administration is calling on lawmakers to come up with a solution but some Republicans say the White House should reduce its own spending President Biden has been refusing to make future budget cuts that.
Republican house Speaker Kevin McCarthy is pushing for it is essential for Congress to recognize that dealing with the debt ceiling is their constitutional responsibility this is an easy one this is something that should be happening without conditions but if you had the child and you gave them a credit card.
And they kept raising it and they hit the limit so you just raised it again clean increase and again and again would you just keep doing that or would you change the behavior here's how you will be impacted when the debt ceiling is breached the U.S will eventually start to default on loans possibly affecting Social Security.
Government employee salaries veteran benefits Medicare benefits and crashing stock market the treasury Department can take measures to give Congress and President Biden until around June to come up with an agreement we'll make sure to keep you updated on what happens reporting live Jess cookware KDKA news Jessica thank you for that and we are.
Closely watching Wall Street as this would impact the stock market severely and you can see that on your screen wow look at the Dow Dow 142 points NASDAQ and s p are also pointing downwards to we'll give you the opening bell which is set for 9 30 this morning excuse me stay with KDK throughout the day as well as today about this we will send a breaking.
Alert through the CBS Pittsburgh app with any new developments on the debt limit that is coming out of DC
3 thoughts on “U.S. govt seemingly to attain debt ceiling Thursday”
End giving the kid zelensky our bank card !!
Karma has dine justice to The United States haha dam colonizers are gonna fetch a recession hahahah
Be aware this is able to per chance well fetch to you’d moreover very neatly be balloting: The U.S. electorate have many of the national debt. Yes, that's factual! Irresponsible spending, funding war and giving relieve to diversified nations becomes your debt. And this administration needs to forgive student loans?