The US Government is BROKE | The 2023 Debt Ceiling

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The debt ceiling is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.

The current debt ceiling is $31.4 trillion, which has already been reached.

The Department of the Treasury is using "extraordinary measures" to pay its bills, but that could run out soon, according to the Treasury Secretary.

If the debt ceiling isn't lifted, and the U.S. Treasury does not have the ability to pay its obligations, the negative economic effects would quickly mount and risk triggering a deep recession.

Failing to increase the debt limit would cause the government to default on its legal obligations, which would precipitate another financial crisis and threaten the jobs and savings of everyday Americans.

The White House is renewing its demand for Congress to lift the debt ceiling without conditions, as the nation could default on its debt in less than a month.

Lifting the debt ceiling was once a fairly routine vote, but in recent years, the debate has turned particularly rancorous amid the growing partisan divide in Congress.

Since 1960, Congress has raised the ceiling 78 times — 49 times under Republican presidents and 29 times under Democratic presidents.

Congress has always acted when called upon to raise the debt limit.

If the debt ceiling is not raised, the U.S. Treasury would not have the ability to pay its obligations, which could have negative economic effects and risk triggering a deep recession.

The negative economic effects would quickly mount and could lead to the near-term loss of up to 3.1 million jobs.

The Treasury Department might decide to delay or even temporarily halt payments to millions of Americans and government agencies, including Social Security checks, Medicare disbursements, and payments to agencies and state and local governments.

Banks would likely stop lending as much, and economic growth would wilt.

The U.S. would also get a rating downgrade, even if it keeps paying its bonds back and interest on its debt but stops some of its normal spending.

If the U.S. government defaults on its debts, it would mean it isn’t able to make interest payments or pay back Treasury investors when their bonds mature, triggering a recession, job losses, and income disruptions for millions.

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⏰ Timestamps ⏰:
0:00 - Intro
0:56 - What is The Debt Ceiling?
2:03 - Republican or Democrat?
2:57 - What is happening right now
4:59 - The Treasury is Running Low on Cash
6:49 - What if the Debt Limit Isn't Raised?
7:51- Policygenius Spot
9:09 - What if the Debt Limit Isn't Raised? con't
10:25 - What Could Happen To The Economy?
14:15 - My Thoughts

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My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos reflect my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.

This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort to every video that I make. I also believe in complete transparency and open communication with my audience.

[WhiteBoardFinance]

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[BateserJoanne]

Don't fret, the debt ceiling always goes up. I wonder if 2008 crisis survivors had it easier. I'm concerned about the stock market, I've lost $35, 000 this month, and my income is down. Worried I won't save enough for retirement as I can't add to my savings.

[james.atkins]

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

[rogerstone]

The Collapse of these banks has torn into global financial markets, I was really hopeful of my investments this year, but all my plans have been disoriented, I've been studying the market crashes and I realized some investors made millions from the recent 2008 recession and I was wondering if such success rate could be achieved in this present market. Any recommendations?

[johnlennon]

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

[MSBJJ]

Debt free and love it. Wish our leaders felt the same way.

[PhilSommer]

Having recently gained more knowledge about personal finance, I've subscribed to your channel. I want to commend everyone who's tirelessly working to earn a living while also building wealth during this recession. At 45, I'm retired, along with my 51-year-old wife, and we're debt-free. Our plan is to relocate to Thailand. Thanks to our frugal and financially savvy lifestyle, as well as our commitment to saving and investing in the financial market, we've been able to generate passive income even in this recessionary period, allowing us to sustain our desired lifestyle."

[thelitmedallion]

Kicking the can down the road for decades.

[richhands]

My three favorite channels: Marko - WhiteBoard Finance, Stock Brotha, & Graham Stephan. Make my week complete!

[TheMightyNate]

I'm watching Marko ..thank you as always

[kalyanvejalla]

Thanks for educating me! Fantastic video!

[dash-]

Us government has ben broke since day one, and gradually running greater on a debt system, until we have the absolute fraud of a fractional reserve debt trade slave system.

[rightwingsafetysquad]

Marko is so good even the spam bots leaving comments on his channel are better than others.

[Alex-njxz]

Every time I hear him introduce his video channel, I hear "white boy finance" even though I know he's saying whiteboard finance. 😂

[davisantony-mxfi]

They got the national debt, but they asked us to pay it for them, but they went on vacation.

[clovdxo]

When our government gave each a $5k RAISE in pay...This is done whether that person does a GOOD or BAD job at the task

[markod]

Sleep cheap!!! The most valuable financial advice of all time!! Period.

[randyjames]

Jesus Marko! How big is your lawn? That audiobook is 15 hours long 😂

[rasengan]

Waiting for the day I hear good economic news

[astrahl]

Our government will literally throw us out of our homes if we don’t pay our debt but then there they go having the financial literacy of a potato 😂