Preventing the Debt Ceiling from Crushing Us: Effective Strategies to Safeguard Our Economic Stability

With the June 1 default deadline approaching in just over a week, President Joe Biden and the Democrats are persisting in their irresponsible actions. They express dissatisfaction with the challenging timeline they themselves created, and some, like Rep. Pramila Jayapal (D-WA), even resort to alarming rhetoric, cautioning about a potential “huge backlash” in the streets. On the other hand, House Speaker Kevin McCarthy (R-CA) remains resolute and has called upon his party to stand united. Notably, public sentiment aligns with his perspective of raising the debt ceiling while simultaneously implementing spending cuts. But Joe Biden has threatened to use the 14th Amendment to raise the debt ceiling without Congress’ approval; if he does, what is likely to happen to the U.S. economy? For more information, Lars speaks with Pete Earl a nationally acclaimed economist.