Live Breaking News & Updates on 31 trillion dollars
Stay updated with breaking news from 31 trillion dollars. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Risk is that the credit rating, the united states credit rating, gets downgraded. the united states finances this 31 trillion dollars in debt by issuing, bonds bonds that are bought by governments around the world. if you got a quite rate downgrade, because we passed that that ceiling, you re going to see interest rates spike way beyond where they are now. that means everything that s not fixed. credit card payments, in any financing that we do that doesn t have a fixed rate is going to go up. this is the time when interest rates go to multi year high. everything that we do, credit card spending, all of that spending we, do it s going to get more expensive if we get that credit rating downgrade because we default and our dad. some of that the debt ceiling, i m mean, the republicans are trying to make it sound is that this is money to be spent in the future. i like to equate it to something like credit card debt. this is money that s already spent. this is that that s already accrue ....
Attached to avoid a catastrophic default. and a top official tells cnn that there is no plan b if congress fails to act. cnn s manu raju has more on the high stakes meeting. president biden and congressional leaders set to meet at the white house on tuesday. and what is a high stakes meeting ahead of a potential debt default. potentially the first ever u.s. debt default. as soon as the 1st of june. there is no way out of this standoff right now. between republicans on capitol hill and the white house. it might have said for months that they do not want to even negotiate any sort of deal to raise the debt limit. they say the debt limit needs to be raised. and i m sure, the u.s. does not to fall on all of its obligations. but, the republicans have said the opposite. set nick lotions and significant spending cuts to begin to rein in the more than 31 trillion dollars in debt ....
Republican warning, times are wasting. cnn s manu raju has been up on capitol hill talking to lawmakers, and has more details on what is holding up the deal, and what is at stake. in a stark warning to capitol hill, the treasury secretary janet yellen sending a letter, saying the debt ceiling must be raised immediately, warning that a potential default, the first ever default in u.s. history could occur as early as june 1st if the debt ceiling is not raised. this of course has been an issue the two sides have been squabbling about for the better part of this year. house republicans insist there must be some spending cuts attached to it, given that the data is north of 31 trillion dollars, and they already passed a slew of spending cuts, tied the filling up through next march. the senate democrats and white house say, that is an absolute ....
it s hard to say but again we have to move something forward. we have to be responsible about how we re gonna spend, if you look at some of the plans that are out there in ideas, we can t have 31 trillion dollars of debt ten years from now. we have to figure it out, together a republican -controlled house, democratic -controlled senate, so digging your heels in and say no no no, we re not gonna work together, doesn t sound good to the majority of americans, they want us to work together. this is the first step in doing, and i hope that biden will take on mccarthy on this deal and come to the table and negotiate. top, twice were willing to talk to. you congresswoman nancy mace, and appreciate your time. thank you. then, eventually the white house is saying the white house plan is dead on arrival, but time is now. well, it is dead on arrival, what happens now is there has to be some kind of middle ground, like you were just talking about with the congresswoman. yes it is true tha ....
Bill itself, but talking and getting a commitment from him to work with us on a balanced budget, amended separately in the future, and in fact we ve submitted some tonight for their consideration, but working with us on something i feel very strongly about. because, look we are in this position today with 31 trillion dollars in debt, because both sides have been spending like drunken sailors. you had under president trump s administration, he added eight trillion dollars to the debt. so far under president biden, he s added four trillion dollars to the debt, that s 12 trillion dollars over the last six years, and we ve got to get serious about how we re going to move forward, how we re gonna tackle, spending how we re gonna try to balance things out, how to balance the budget in five years, too aggressive with a majority of congress, but can we do it in 20? i could do it in 20 years. but we have tough conversations, make tough decisions, and disappointed to hear the president won t sit ....