US Debt Ceiling Crisis Highlights Government Spending

US Debt Ceiling Crisis , Highlights Government Spending.

'Newsweek' reports that recent polls have suggested that Americans feel government spending sits at the center of the current debt ceiling crisis.

'Newsweek' reports that recent polls have suggested that Americans feel government spending sits at the center of the current debt ceiling crisis.

According to a poll of 1,500 adults, at least half said they think the government is overspending, while an equal number want commitments to cut spending.

If the debt ceiling is not raised or suspended, the U.S. could default on the $31.5 trillion debt it owes, which would have significant global consequences.

Republican House Speaker Kevin McCarthy points to a bill passed by House Republicans that "avoids default and tackles reckless spending.".

Republican House Speaker Kevin McCarthy points to a bill passed by House Republicans that "avoids default and tackles reckless spending.".

The House bill calls for $4.8 trillion in savings over the next decade and includes a reversal of some key aspects of Biden's agenda.

The House bill calls for $4.8 trillion in savings over the next decade and includes a reversal of some key aspects of Biden's agenda.

Those cuts would include the student loan relief program and Biden's proposed clean energy tax credits.

'Newsweek' points out that the clean energy tax credits are a crucial part of Biden's goal of moving the U.S. closer to a green economy.

'Newsweek' points out that the clean energy tax credits are a crucial part of Biden's goal of moving the U.S. closer to a green economy.

To a large extent, it is just about the size and the scope of government, which feeds into larger debates about what the appropriate role of the state is in the U.S. economy and in people's lives, Thomas Gift, Director of the Center on U.S. Politics at University College London (UCL), via 'Newsweek'.

Over the course of Biden's tenure, more and more Americans have become skeptical of spending on the order of magnitude Biden has proposed, Thomas Gift, Director of the Center on U.S. Politics at University College London (UCL), via 'Newsweek'.

'Newsweek' reports that the impending financial disaster could lead to either party agreeing to compromises that help to avoid the worst outcome