Can U.S. lawmakers agree on the debt limit before the fast approaching deadline to avoid default?
The executive branch and Congress are trying to strike a deal about the debt limit as the country marches closer to defaulting.
But can President Joe Biden and Republicans come to an agreement on fiscal policy in time?
The federal government could run out of money as early as June 1. Without borrowing more there is a risk that the United States will begin defaulting on its financial obligations.
Negotiations between Speaker Kevin McCarthy and President Joe Biden at the White House continue as lawmakers are staring down a swiftly approaching deadline.
The Treasury has been warning that the government would likely default on some bills in June if Congress does not raise the debt ceiling.
Democrats have insisted on raising the debt limit without preconditions. But Republicans say President Biden and the Democrats are playing Russian roulette with America’s economy after a two-year spending binge that brought 40-year high inflation and pushed the nation’s debt to over $31-trillion.
While both sides have agreed that action is needed to reduce the deficit—each have extremely different ideas about how to do it.
Republicans are looking to cut spending levels, while Democrats have called to increase tax revenue from the ultra-wealthy and large corporations.
So, can Washington D.C. politicians broker a deal and prevent the American economy from falling off a cliff?
Mitch Roschelle, Managing Director at Madison Ventures and a Visiting Research Fellow at the University of San Diego School of Business joined us to discuss. #U.S. Politics #Mitch Roschelle #debt ceiling #Capitol Hill #Washington D.C.
