Brunswick Beacon, 05.11.23
As our Secretary of the Treasury has warned:
“…. After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time. This estimate is based on currently available data, as federal receipts and outlays are inherently variable, and the actual date that Treasury exhausts extraordinary measures could be a number of weeks later than these estimates.”
It is imperative that Congress raise the debt ceiling ASAP, and without strings attached, or there will be dire consequences. Thereafter, reducing our deficit can be considered.
*See below, from "What is the debt ceiling? What happens if we default, and why you should care." by Anna Kaufman, USA Today
What is the debt ceiling?
The debt ceiling is the limit placed by Congress on the amount of debt the government can accrue. In order to pay its bills to those it borrowed from and dole out money for everything from Medicare benefits to military salaries, the government needs more money, the debt ceiling has to be raised.
Created in 1917, the legislative cap has to be raised by a majority vote in both the Senate and the House of Representatives. That vote does not pledge any additional spending. It merely raises the limit the government can borrow to pay back commitments already agreed upon by Congress....