U.S. government debt scale will hit ceiling, House Republicans again urge government to cut spending
U.S. Treasury Secretary Yellen notified Congress on the 13th that the U.S. government debt will hit the ceiling on the 19th. She called on Congress to take action as soon as possible to raise the debt ceiling again to avoid debt default. However, the Republicans who control the House of Representatives have always insisted on linking spending cuts with raising the debt ceiling. On the 15th, Republicans in the House of Representatives once again urged the US government to cut spending.
Chairman of the Oversight and Accountability Committee of the U.S. House of Representatives, Republican Comer urged Democrats and Republicans in the U.S. House and Senate on the 15th to agree to cut spending to avoid a U.S. debt default, and said that Democrats have a responsibility to agree to the Republicans’ push Related initiatives to cut spending.
The debt ceiling is the maximum amount of debt set by the U.S. Congress for the federal government to meet incurred payment obligations. Hitting this “red line” means that the U.S. Treasury Department’s borrowing authority has been exhausted. After raising the debt ceiling, the Treasury can issue new debt to meet existing payment obligations. The U.S. Congress passed legislation in December 2021 to raise the federal government debt ceiling to approximately $31.4 trillion.
According to data from the official website of the U.S. Department of the Treasury, as of the 11th of this month, the debt of the U.S. federal government has exceeded 31.37 trillion U.S. dollars. According to statistics from the Peter Peterson Foundation of the United States, the debt of more than 31 trillion US dollars is larger than the combined economic volume of China, Japan, Germany, and the United Kingdom. If this huge debt is apportioned to the American people, it is equivalent to $236,000 in debt per household, or $93,000 in debt per person. If every American household contributes $1,000 a month in repayments, it would take 19 years to pay off all the debt.
With Democrats controlling the Senate and Republicans controlling the House of Representatives, the debate over raising the debt ceiling has intensified over partisan issues. (CCTV reporter Liu Xu)
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