America's $31 Trillion Debt Limit Is Maxed Out

WSJ Opinion: Potomac Watch

The Wall Street Journal

News, Society & Culture

4.2 • 2.8K Ratings

🗓️ 17 January 2023

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

Treasury Secretary Janet Yellen says the government will hit its borrowing ceiling this week, and House Republicans are already promising a fight over lifting it. But can Speaker Kevin McCarthy get President Biden to negotiate, since this is money Congress has already agreed to spend? And how much leverage does the GOP really have? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Interest rates, capital gains, credit scores.
0:03.4	You hear financial terms like these thrown around all the time, but what do they mean for
0:07.0	you?
0:08.0	And your money.
0:09.2	The Wall Street Journal's your money briefing podcast brings your personal finances into
0:13.0	focus every weekday.
0:14.6	Subscribe now.
0:16.2	From the opinion pages of the Wall Street Journal, this is Potomac Watch.
0:25.2	The US nears its $31 trillion debt ceiling as House Republicans weigh a plan to prioritize
0:32.3	debt payments in the event that a deal can't be reached.
0:36.2	Welcome on Kyle Peterson with the Wall Street Journal.
0:39.1	We are joined today by my colleagues, columnist Kim Strassel and editorial board member Kate
0:44.8	Batchel-Durot-Del.
0:46.2	Treasury Secretary Janet Yellen told Congress in a letter on Friday that on Thursday, January
0:52.6	1919, the outstanding debt of the United States is projected to reach the statutory limit.
0:58.0	Unquote, that limit is $31.381 trillion.
1:04.0	The actual deadline for congressional action is a little later this spring, as the Treasury
1:09.9	begins to take what Yellen called extraordinary measures to prevent the United States from
1:14.8	defaulting on its obligations.
1:17.5	Unquote.
1:18.5	Monday with a clip of Kentucky Congressman James Comer on CNN on Sunday, discussing
1:24.0	how Republicans intend to move forward here.
	...

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