Former Treasury Secretary Jack Lew on looming debt-limit showdown

The U.S. is likely to hit the debt limit on January 19, according to Treasury Secretary Janet Yellen, setting up a likely debate in Congress on how to avoid a potential default. Jack Lew, a former treasury secretary who served during President Obama's second term, joined John Dickerson on "Prime Time" to discuss.

#business #finance #debt

[birdyla]

Please US government, stop giving so much money away!

[markmeadows]

We got to stop raising the limit. We need to pay it off and keep it down.

[dontknow]

Maybe the rich should pay some taxes. US is the richest country in the world by a long shot, but standard of living continues to go down and homeless continues to rise. Can’t afford healthcare, education, food, childcare, rent, housing.

[commonsense]

Total BS. All we pay is a fraction of the interest on the debt. We haven't paid down on our debt in a long time.
Keep moving the chairs, the ship is just about sunk.

You can't negotiate with people who won't stop SPENDING either!

[lawrencesullivan]

threatening to default is insane and will lead to catastrophic economic consequences.

[heavyd]

For the Federal Government to set a debt limit is laughable. They will just raise it again and again and again.
Why not when you can just print your own money!
Unless this Federal Government is held to a Constitutionally mandated budget, we will be just sinking into more and more debt.
States that have passed a Constitutionally mandated budget do not have deficits but quite the opposite. They have budget surpluses.

[SugarSugar]

To put this in concrete terms: Imagine Social Security checks NOT arriving for millions of seniors who use that money to cover rent and food. It may take a few weeks for impacts to hit but so many seniors live paycheck to paycheck. If rent isn’t paid, the landlord suffers, and eviction notices are sent. For seniors in our community. Unthinkable. Imagine this playing out on a large scale!

Congress, do your job. Allow the bills to be paid, and THEN figure out how to tighten the belt. In that order.

[KootMed]

I’m not sure who came up with the bright idea of the way the Debt Limit currently works❓ It seems to me that any “Debt Limit” should be applied at the time of appropriations “Before The Debt is Incurred, “Not After The Debt is Incurred”❗

[ashleywolf]

He has a calm and composed way of speaking

[khoirulanam]

2013 debt, $16.4 trillion.

Them: Double It And Give It To The Next Generation.

2023 debt, $31.42 trillion.

They really doubled it.

[shirleybalinski]

Let it all collapse. The strong will survive. The debt limit is a joke to all.

[frankieclayton]

I remember Miss Sarah told us about this before she passed away a long time ago I think this was back in the 80s back in the 90s she said she won't be around to see it but she said that it was going to be another depression it was going to be worse than the one in the twenties

[williamshaw]

Time to slash military spending and raise taxes on the rich.

[gailcarey]

My 8 year old grandson manages his money better.

[frankieclayton]

My grandma or great grandma said Miss Sarah did it was going to be something greater than the Great Depression before she passed away

[lawrencesullivan]

the only two countries with this policy are the US and Denmark! Household and corporate debt in the US are much higher which is what wealthy people and countries do. Japan's debt is almost three times size of GDP.

[xNightZuNx]

Looks like we need to stop or slow down the amount of money being sent to Ukraine.

[qnzhpwm]

That we even have to hear about this is absurd. To weaponize the debt limit is beyond irresponsible it's plain stupid. Other developed nations this is done automatically.

[JohnMarat]

Debt-limit has literal nothing to do with anything other than being able spend more money