economist peter shipa well-known gold bull, took to Twitter on Monday to criticize the federal government’s extravagant spending and spoke out against it Raising the debt ceiling.

The debt ceiling is a cap on the total money the federal government can borrow through the sale of government securities such as bills, debentures, and bonds to meet its financial obligations. When the government can’t pay its bill, the legislature passes legislation raising the debt ceiling so the government can muster the finances to avoid defaulting.

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In the past, when the debt ceiling was reached, Congress authorized suspension of the ceiling for a period of time before reinstating it, or passed legislation to raise it. Failure to do both could result in a partial government shutdown due to lack of funds, which in turn could have wider economic repercussions.

Schiff said shutting down the federal government is far better than continuing to fund it with debt and inflation. “If a government shutdown is the only way to get #Congress to act responsibly, then the sooner the government shuts down, the better,” he added.

the The national debt is now at $31.37 trillion. threatens to exceed the current debt ceiling of $31.4 trillion. The upper limit could be reached between August and October. Republicans, who now control the House of Representatives, oppose raising the limit.

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