World

What is the U.S. debt ceiling and why it’s important

Published

4 months ago

January 19, 2023

The United States’ national debt is set to default on Thursday.

In a letter sent to lawmakers, U.S. Treasury Secretary Janet Yellen warned that the U.S. is expected to hit its $31.4 trillion debt limit this week.

Congress is working on the issue, but it remains to be seen if lawmakers on Capitol Hill will actually raise the debt ceiling.

The debt ceiling is the amount of money the U.S. is allowed to borrow to pay for its vast commitments.

Basically, in the U.S., the debt ceiling or debt limit is a legislative limit on the amount of national debt that can be incurred by the U.S. Treasury.

This limits how much money the federal government can pay on the debt they already borrowed.

Currently, the U.S. government borrows large sums of money in order to cover all of its expenses. However, decades ago, Congress created the debt ceiling in an effort to avoid having to approve each new debt individually.

Since then, lawmakers have raised the debt ceiling dozens of times. When this happens—Congress allows the government to take on enough debt to settle the spending obligations it has already made.

If Congress is unable to raise the debt limit in time, the U.S. can only use incoming cash to pay its current commitments which in effect would create a large deficiency.

This is the first debt limit fight since Republicans took control of the House. So far, House Speaker Rep. Kevin McCarthy has signalled that he might leverage the negotiations in order to secure deep spending cuts.

But President Joe Biden and a Senate controlled by Democrats strongly oppose spending cuts.

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Veronica Dudo

Veronica Dudo is the U.S. Correspondent for Ticker News covering America’s biggest headlines. As an Emmy® Award nominated global journalist, Veronica has traveled across the country and around the world reporting on historical events that connect all citizens. Lauded as an award-winning international journalist, Veronica has executed stellar news coverage for NBC News, CBS News, The Hill, ME-TV Network and AOL. Her stories have highlighted a plethora of topics ranging from breaking news and politics to economic affairs across the USA, European Union, and Asia; cultural affairs; globalization; governance; education; and sustainability.

World

Who is running for the 2024 GOP Presidential nomination?

Published

14 mins ago

June 2, 2023

ticker NEWS

The 2024 Presidential GOP field continues to grow.

While everyone is hoping to persuade Republicans to favor them over former President Donald Trump–he continues to lead the pack.

Florida Governor Ron DeSantis kicked off his 2024 presidential campaign with his first public appearance in Iowa.

He joins others including Senator Tim Scott and former United Nations Ambassador Nikki Haley.

The field is expected to expand even more as reports suggest that both former Vice President Mike Pence and former New Jersey Governor Chris Christie will enter the primary race soon.

However, everyone is hoping to persuade Republicans to favor them over former President Donald Trump who continues to enjoy very high poll numbers.

U.S. Congressman Jeff Van Drew joined us to discuss.
#uspolitics #congress #washingtondc #jeffvandrew #veronicadudo #2024race #presidentialrace #donaldtrump #RonDeSantis

World

Is the U.S. debt deal bad fiscal policy?

Published

28 mins ago

June 2, 2023

ticker NEWS

While President Joe Biden and Republican leadership came to an agreement on the debt limit—some lawmakers say the fiscal policy is a bad deal and does not rein in spending.

The executive branch and Congress tried to strike a deal about the debt limit as the country marched closer to defaulting.

The Treasury has been warning that the government could run out of money sometime in the beginning of June and would likely default on some bills if Congress does not raise the debt ceiling.

Democrats have insisted on raising the debt limit without preconditions.

But, Republicans say President Joe 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 President Biden and Republican leadership came to an agreement on the debt limit—many lawmakers say the fiscal policy is a bad deal and does not rein in spending.

New Jersey Congressman Jeff Van Drew, a Republican from New Jersey voted against the bill and joined us to discuss. #USpolitics #washingtondc #politics #debtlimit #debtdeal #veronicadudo #jeffvandrew #newjersey #congress

World

Is President Biden securing a ‘made in America’ supply chain for critical minerals?

Published

23 hours ago

June 1, 2023

ticker NEWS

Rare earths elements are responsible for some of the most important materials involved in electric vehicle production, battery making, renewable energy systems and technology manufacturing.

Last year, President Joe Biden said he wanted to make rare earths an important domestic policy initiative and he signed an executive order to review gaps in the domestic supply chains for rare earths, medical devices, chips, and other key resources.

The Department of Energy announced a $30 million initiative to tap into researching and securing the U.S. domestic supply chain for rare earths and other important minerals in battery-making production.

But at the same time, President Biden also blocked the mining of rare earth minerals on more than 225,000 acres of federal land for more than 20 years.

Is it possible for the U.S. to change course and again have a seat at the table in producing rare earths elements?

To discuss further, Luisa Moreno the President of the Defense Metals Corp. joined us.
#rareearthelements #rareminerals #China #UnitedStates #Veronicadudo #luisamoreno