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25% of total US national debt incurred over 230 years happened during... the Trump Administration [1]
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Date: 2023-01-18
The Biden administration and House Republicans are heading toward an initial Thursday debt ceiling deadline without even a hint of an endgame, ensuring a months-long standoff that’s poised to rattle financial markets amid worries about a recession this year.
The two sides are effectively shrugging as the Treasury Department warns the country will hit the $31.4 trillion borrowing cap Thursday — though it’s not a hard deadline, as the department can still use extraordinary measures to pay the bills for another few months. But it means the potential economic doomsday clock is officially ticking, with House Republicans still insisting on massive spending cuts before they help raise the debt ceiling and Democrats refusing to engage the idea.
Treasury Secretary Janet Yellen said last week that the U.S. likely won’t run out of cash or exhaust those measures until at least early June. Until then, the department is suspending investments in certain government retirement funds and hoping the House GOP and Democrats can come to an agreement to keep the government from careening into an economic crisis with far-reaching consequences.
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https://www.dailykos.com/story/2023/1/18/2147960/-25-of-total-US-national-debt-incurred-over-230-years-happened-during-the-Trump-Administration
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