Understanding the Debt Ceiling Debate: What You Need to Know
On Monday, Treasury Secretary Janet Yellen informed Congress that the U.S. may default on its debt as early as June 1 if lawmakers fail to raise or suspend the nation’s borrowing authority by then, potentially triggering a global financial crisis. Yellen sent a letter to House and Senate leaders, urging them to act promptly to address the $31.4 trillion limit on the country’s legal borrowing authority and safeguard the full faith and credit of the United States. She acknowledged that it’s impossible to predict the precise date when the U.S. will run out of cash.
What should America do about the left’s demand to raise the debt ceiling? For more information, Lars speaks with U.S. Representative Ben Cline is the Republican who represents Virginia’s 6th congressional district.