The US debt ceiling crisis, explained – BBC News

The US government could start to run out of money within weeks unless it allows itself to borrow more.

And, if US congress fails to agree on a deal, the US could default on its debt, potentially causing global financial chaos.

Domestically, the government would no longer be able to pay its employees, and national parks and other agencies would shut down.

#US #BBCNews

[judithlal]

We work for 40yrs to have $1M in our retirement, meanwhile some people are putting just $10k in a meme coin for months ago and now they are multimillionaires power of digital currency.

[geoffbirchall]

Printing trillions of fiat money, that doesn’t exist. Who could have foreseen this was going to be an issue?🤔

[CyborgZeta]

Spending more money than what you're bringing in doesn't sound like a good thing.

[aaronogden]

It will be the same as usual. A big fuss will be made and then the ceiling will be raised.

[robm]

It’s really interesting how “ affordable housing“ becomes unaffordable by the very people who rant about creating affordable housing.

[ijvgxqr]

"In numerous years following the war, the Federal Government ran a heavy surplus. It could not (however) pay off its debt, retire its securities, because to do so meant there would be no bonds to back the national bank notes. To pay off the debt was to destroy the money supply." - John Kenneth Galbraith

[goncas]

Americans about to find out the hard way 😅

[reeling-in]

Everything the BBC says must be taken with a large pinch of salt!

[HossEscobar]

America the continent? There is north and south America?

[davewilliam]

SLOW DOWN GLOBAL WARMING
1. USE SOLAR PANELS.
2. USE ELECTRIC CAR OR USE BIKE.
3. TURN LIGHT BUB'S OFF, TURN TELEVISION OFF, TURN PHONE OFF.
4. REUSE, REDUCE AND RECYCLE.
5. GET FACTORIES THAT CAUSE POLLUTION TO STOP CAUSE POLLUTION.

[fastwheels]

Seems simple to me. With my household budget if I spend more then I make I need to either cut my spending, or get a part time job to earn more. Not sure why the government cant figure that out. Will it hurt? Yes it will but no household or in this case government can sustain this deficit

[The_Crazy_Monkey]

Military spending the the single major cause of this debt crisis.

[william]

The debt ceiling is a reoccurring challenge primarily because of the way the U.S. government's budget and spending process is structured. Reforming or simply eliminating the debt ceiling would require significant legislative action - and, thus, remains a mostly political tug-of-war. I agree that the national debt must be brought down - but doing so through spending cuts in all areas, not just entitlement programs. Spending cuts is only one part of the solution - revenue most also be increased through tax reform.

[MrKenng]

BBC is such a large circus which hosts hundreds of ringleaders. 😂

[SheepofTheShepherd-nulz]

31 Trillion 738 Billion and climbing the National Debit is
they will collapse the debit ceiling
must be why so many employer are getting rid of good or bad workers

[stever]

When the Pentagon says it doesn't know where trillions of dollars went every decade.

It would seem that they are responsible for the budget not being balanced.

Also responsible for all of the national debt

[hannahdonald]

With all the bad news in the market, i'm still pondering if now is a good time to acquire more Stock/equity? Got about $300K set aside for this but we all know that Recession and Inflation have more immediate effects on people's level of living than a crash in the stock or real estate markets. It should come as no surprise that the market is currently so pessimistic. We must receive help immediately if we are to survive in this economy. Like the housing market, the ETF and stock markets continue to be highly volatile.

[Dungshoveleux]

The US prints so much, it will all end up being worth less than toilet paper.

[cpm_edc]

One thing I love is watching poor people talk about money, this is a huge disservice. Thank you.

[stussymishka]

Lol this isn't a crisis and there is zero chance of the US defaulting on debt. Congress just needs to decide how to re-allocate funds before the deadline and we'll be fine.