'A Financial Catastrophe': Expert Sounds Alarm on United States Out of Control Debt, Spending

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Treasury Secretary Janet Yellen is warning Congress to raise the federal debt limit as soon as possible or risk potential harm to the U.S. economy.

In a letter to congressional leaders, Yellen claimed that as of August 1st, the outstanding debt of the United States will be at the statutory limit. While it's been done a few times in recent history, getting Congress on board to raise the debt ceiling through regular order right now might not be so easy.

Republicans say Democrats are in a spending free for all and argue they'll only support raising the debt ceiling if Democrats promise major spending reforms.

FULL STORY: https://www1.cbn.com/cbnnews/politics/2021/july/gop-wont-support-increase-to-debt-ceiling-without-major-spending-reforms

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