Both political parties are responsible for the debt.
Wouldn’t it be nice if the government were like regular people and couldn’t spend if they didn’t have the money and could only take out loans for a certain amount of money and a certain amount of time?
Sadly, this has not been the case for many years and to say this year is it mainly one political party is a misstatement. The debts of the United States occurred over many years when different parties were in power. We still owe for the tax cuts of the wealthy and spending of the last administration.
Goes way back.
But if the debt ceiling is not raised that would cause major problems. It would lower the US standing in the global economy. And it would affect our economy by not sending out social security payments or not paying the military (if the government shuts down like it did under the past few administrations)
It would lead to a recession.
We really are in a monetary pickle as a nation.
My parents always told me if you can’t buy it with cash (except for a house) then don’t purchase it. I know not all can do that but wish our government would.