CHARLOTTE, N.C. — Speaker of the House Kevin McCarthy (R-CA) and President Biden are discussing how to raise the debt ceiling before the U.S. defaults on its debt come June 1st.
The discussions are in the 11th hour as Treasury Secretary Janet Yellen warns that the country's deadline is only days away.
After June 1st, the U.S. Treasury would have to choose which bills to pay and that could likely affect anyone receiving social security, certain tax credits or even military families.
Alloy Wealth Management Inc. founder and CEO, Mark Henry, says the U.S. has been spending at an increased level since the pandemic. Henry says the main sticking point between Republicans and Democrats seems to be ways in which cuts can be found.
"Before COVID and the pandemic, we're spending all this money for certain things. COVID caused America to increase spending a great deal. The pandemic is now gone, and we're spending even more. We need to go back to where we were at prior to COVID which would put us in a much better position," explained Henry.
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