{"id":42280,"date":"2023-01-15T21:47:29","date_gmt":"2023-01-15T21:47:29","guid":{"rendered":"http:\/\/www.brandon.ddtest.info\/multisite-test\/debt-limit-should-be-treated-like-our-own-household\/"},"modified":"2023-01-15T21:47:29","modified_gmt":"2023-01-15T21:47:29","slug":"debt-limit-should-be-treated-like-our-own-household","status":"publish","type":"post","link":"http:\/\/www.brandon.ddtest.info\/multisite-test\/debt-limit-should-be-treated-like-our-own-household\/","title":{"rendered":"Debt Limit Should Be Treated \u2018Like Our Own Household\u2019"},"content":{"rendered":"

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House Speaker Kevin McCarthy<\/a> (R-Calif.) previewed Republicans\u2019 strategy regarding how to handle the U.S. debt<\/a> limit after Treasury Secretary Janet Yellen<\/a> warned that the limit will be reached next week.<\/p>\n

Analysts say the debt ceiling battle will turn into a political showdown, with some Republicans tying raising the debt limit with other provisions. Some said that a debt limit deal should include spending cuts.<\/p>\n

\u201cWhat I really think we would do is treat this like we would treat our own household. If you had a child, you gave them a credit card, and they kept hitting the limit, you wouldn\u2019t just keep increasing it. You\u2019d first see what you\u2019re spending your money on. How can we cut items out?\u201d McCarthy told Fox News\u2019 \u201cSunday Morning Futures.\u201d \u201cEvery government has to do this. Every state has to balance their budget, county, city. For the White House to say they won\u2019t even look at it, that they can\u2019t find one penny out of $1 of eliminating waste, I think they\u2019re just trying to put us into bankruptcy.\u201d<\/p>\n

McCarthy in the interview appeared to side with some members who say they want spending reined in. Before he was elected speaker after 15 rounds, McCarthy reportedly made concessions with different Republican groups.<\/p>\n

\u201cThis is not our money. This is the hard-working taxpayers\u2019 money. We should start every day with how can we be more efficient. How can we deliver more effectively to the American public. And how can we do it in a more secure way that we don\u2019t spend as much?\u201d the House speaker said. \u201cWhy would we sit back and be so arrogant to say \u2018no, there\u2019s no waste in government\u2019? Why wouldn\u2019t we look at all the money that poured out during COVID? What money of that has not been spent? Why wouldn\u2019t you pull that back yet?\u201d<\/p>\n

His comments were prompted by a letter sent<\/a> by Yellen to congressional leaders that warned that the ceiling would again be reached. Citing projections, Yellen said it would be hit by Jan. 19, prompting the federal government to take \u201ccertain extraordinary measures\u201d including suspending\u00a0new investments of the Postal Service Retiree Health Benefits Fund and the Civil Service, Retirement, and Disability Fund, as well as other, similar programs.<\/p>\n

\u201cFailure to meet the government\u2019s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability,\u201d Yellen wrote. It\u2019s not clear, she added, how long those measures would enable the government to pay its obligations but said it is \u201cunlikely that cash and extraordinary measures will be exhausted before early June.\u201d<\/p>\n

As of Wednesday, Treasury data showed that U.S. federal debt stood $78 billion below the limit, with the Treasury operating a cash balance of $346.4 billion. The department on Thursday reported an $85 billion December deficit as revenues eased and outlays grew, particularly for debt interest costs.<\/p>\n

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