What is a debt ceiling? And why should you care?
The debt ceiling is the maximum amount that the U.S. government can borrow by issuing bonds. When it limit (ceiling) is reached, the Treasury Department must find other ways to pay the government expenses. If the cash is not raised, the U.S. will default on its debt. Historically, Congress has always raised the debt ceiling. The U.S. has approached this crossroad again after a suspension was executed until July 2021 by President Trump. It is now September 2021 and this has not yet been addressed. The US government is meeting its financial obligations from a TGA deposits (Treasury General Account) that will be depleted by mid-October. Consequences of not raising the ceiling “would likely cause irreparable damage to the U.S. economy and global financial markets.” Secretary Yellen said.
The book Money Plain and Simple: What the Institutions and the Elite Don’t Want You to Know, explains how currency is created from thin air to allow governments to create more debt and eventually charge the ordinary taxpayer to repay. That is the game; they spend the created currency and go to the American Tax Payer to repay the debts. Each time more currency is loaned, the more the tax payments will be. Raising the debt limit only permits more of the same! It is a massive wealth transfer from our pockets to theirs.
Debt ceiling deadline: Here’s when the government will no longer be able to pay its bills
Read the article: https://www.cbsnews.com/news/us-debt-ceiling-deadline-expires-2021/