QUORUMCALL//GPT:
WARREN’S WARNING
– U.S. Senator Elizabeth Warren warns of “profoundly serious” consequences if Congress fails to raise the debt ceiling. The Treasury Department has cautioned that the U.S. could default on its debt as early as October 18 if the ceiling isn’t lifted.
DEBT CEILING DEBATE
– The debt ceiling is a cap on the amount of debt the federal government can legally owe. It doesn’t authorize new spending, but allows the Treasury to pay for expenditures Congress has already approved.
– Republicans have refused to cooperate in raising the debt ceiling, arguing Democrats should do it alone as they push for a $3.5 trillion spending plan.
CONSEQUENCES OF DEFAULT
– Defaulting on the national debt could plunge the U.S. into a recession, result in skyrocketing interest rates, and damage the country’s credit score.
TOPICS COVERED
– #DebtCeiling #FiscalPolicy
AUTHOR NOTE
– The article is published on AOL, a web portal and online service provider.