Insight - Jan. 26th, 2023
Insight
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26-Jan-2023
Today on Insight, John and Josh Rosenstern discuss how the United State's government has hit its debt ceiling limit. Today 31.3 trillion is the ceiling set by Congress. The Treasury Department says we can float till June before major issues transpire. Brother Josh says the financial responsibility of Congress is the most important obligation it has. If we can’t pay our debt, our credit rating worsens; the debate, raise the ceiling and keep borrowing, or cut back on spending. We must remember the government gets the majority of its money through taxation on the people. With the threat of cutting social security benefits come 2033, under current spending, the future unfunded Federal debt will mount to 150 to 200 trillion dollars over the next 100 years. Brother John says Congress needs to pass a balanced budget, which hasn’t happened since the Clinton Administration.
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