As government and legislature of the republic Working overtime to settle the issue of the debt ceiling amicably, well-known economist and gold bull peter ship said a resolution alone would not work miracles for the US
What happened: “According to Democrats and [Joe] biden, America’s prosperity depends on the ability of the federal government. deeper into the debt trap. In truth, the best chance of staying prosperous is not raising the debt ceiling, cutting government spending, and finally starting paying our bills!” Schiff tweeted.
The debt ceiling is not unconstitutional, but the president invoking the 14th amendment to circumvent it is, Schiff said.
“If Biden wants to pay off the debt without raising the ceiling, he needs to balance the budget,” he added.
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Why it matters: Schiff’s views are consistent with the Republican philosophy of resorting to spending cuts to balance the budget. Republican lawmakers want spending cuts to be part of the debt ceiling raising bill.
On the contrary, the Biden administration is seeking to generate additional revenue streams, such as taxing the wealthiest, to discipline fiscal policy.
Before we travel to Japan for the G7 meeting, Biden said he’s confident he can break the debt ceiling impasse. This will avoid an unprecedented and potentially catastrophic default.
A select group of negotiators from both sides will discuss a speedy resolution to the impending crisis.
Related link: Elizabeth Warren promotes bipartisan bill, telling banks ‘you can’t expect to keep a lot of money if you blow up’
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