'A Financial Catastrophe': Expert Sounds Alarm on United States Out of Control Debt, Spending

Treasury Secretary Janet Yellen is warning Congress to raise the federal debt limit as soon as possible or risk potential harm to the U.S. economy.

In a letter to congressional leaders, Yellen claimed that as of August 1st, the outstanding debt of the United States will be at the statutory limit. While it's been done a few times in recent history, getting Congress on board to raise the debt ceiling through regular order right now might not be so easy.

Republicans say Democrats are in a spending free for all and argue they'll only support raising the debt ceiling if Democrats promise major spending reforms.

SUBSCRIBE to the CBN News Channel for more:

CBN features 24-hour TV news from a Christian perspective. The CBN News Channel provides independent news programming to an underserved audience to enlighten, entertain and inspire Christians around the world. Comments below do not necessarily reflect the views of CBN.

Share this live feed with your friends and family:

Questions about supporting CBN?

Questions about Helping the Home Front? Call: 757-226-2333

#breakingnews #politicalnews #christiannews #christian #christianity #church #breakingnews #cbnnews

[FaithwalkerTodd]

What's the point of a limit if you just keep increasing it whenever you get near the limit?

[michaelbleckler]

Left feather and right feather all come from the same bird

[sharoncrawford]

Well, I'm not a Biden supporter at all, but out of all honesty this debt has been way out of control before Biden came in. Yes, he is making it worse, but its been way to high way to long. This can has been being kicked down the road far to long.

[Cloudthrow]

Just push the debt limit to infinity so we don’t have to worry

[jpdevito]

I also tried to explain to Master Card that my spending on credit is not the problem.

[gordonfernandes]

Print... Print... Print....and print... 🙄

[paulpugh]

Under the trump administration we were energy independent and selling gas and oil and keeping the money in our economy .we must get our national debt under control bypassing a balanced-budget Amendment, the federal government has to be fiscally responsible like the states are.

[bones]

We know who the real obstructionists are, and who's playing these dangerous, dangerous games.
Frightening debt - and the ramifications are potentially catastrophic

[theblukatlife]

You guys are walking in a very very small thin line, the moment the usd becomes obsolete well before that you will see a massive amount of polititians and rich people getting out of the usa like flies

[mrike]

Good now we can start a nation wide prayer across the country & now to church

[hemantsarathe]

😂when you spend 3 trillion for nothing on Afghanistan
Than think why debt is rising

[joshmaggard]

Politicians ways of dealing with the debt is by allowing more debt and kicking the can down the road. Eventually it has to come to a head and it’s not going to be good

[juliusamadeus]

İts reminds me British Monarchy. They also got a lot of debt. İnstead of paying they killed creditors.

This huge amount of debt, high tension in the world, Haiti Cuba. Thats a sign of world war III.

[everready]

"The Full Faith and Credit of the United States" is frankly a joke given the FED can create any amount of money to pay government debt. Same as most countries. Countries almost always pay back their debt with bigger debt.

[franktoledo]

You don't write checks no money in the bank.

[tonyaberney]

What a surprise, who would of thought .🙄

[nunyabidnis]

One trillion seconds 32, 000 YEARS!!! Balanced budget amendment please!

[donnawhite]

WE HAVE INSANITY AT WORK IN WASHINGTON DC.

[yahwehcannotlie]

Instead of borrowing putting this country in more debt. Raise the taxes on the rich corporations and people. We sold our manufacturing overseas so the Corps and companies could get richer at the expense of American jobs which could of prosper this country. I'm sorry but open your eyes and see clearly this country is going broke and in massive debt but yet you have certain business people in this country walking around with close to or over 100 billion dollars in there bank account. Seems like this country is being robbed and it's inside job. The people that are in charge just seem to turn a blind eye.

[angelahendrix]

This administration 😒just SPENDS SPENDS SPENDS...NONE OF THEM UNDERSTAND MANAGEMENT when it comes to spending.