Displaying 30+ Stories
Allow Ads

US Gov't Running Out of Money to Pay Its Debts and Facing Gov't Shutdown in October

Congress cash money

Congress is back in session and racing against the clock to avoid two major financial storms: funding the government to avoid a shutdown on Oct. 1 and raising the debt ceiling before the country hits its current borrowing limit and the U.S. becomes unable to pay the debt it owes.  

For months Republicans have warned Democrats that they won't support them in raising the debt ceiling as the nation inches closer to defaulting, yet this week Democrats included the debt ceiling raise in a bill to keep the government's lights on that can only pass the Senate with GOP support.   

Democrats must convince 10 Republican senators to vote in favor of the bill that funds the government through December but Republicans have made it clear they won't support it with the current provision to raise the debt ceiling included. 

"If Democrats want to go it alone on spending, they're going to have to go alone on raising the debt ceiling," Sen. John Barrasso (R-WY) said in a press conference Wednesday. 

Republicans claim the Democrats reckless spending is to blame for the debt-ceiling crisis so they should vote to raise it on their own. 

"My advice to the Democratic government, the president, the House and the Senate, don't play Russian roulette with our economy," warned Minority Leader Mitch McConnell (R-KY). "Step up and raise the debt ceiling to cover all that you've been engaged in all year long." 

But Majority Leader Chuck Schumer argues the debts we owe now were accrued under GOP leadership.  

"Republicans are trying a 'dine and dash' of historic proportions," claimed Schumer. "This debt that we are asking to be spent is all Trump debt." 

But Republican Senator Rick Scott (R-FL) disagrees. 

"The suspension expired July 31, everything that was done last year, that was already taken care of in the debt ceiling suspension," argued Scott.  "So this is what they're doing now." 

If the debt ceiling isn't raised, the U.S. will soon run out of cash to pay its bills, which experts warn could trigger an economic catastrophe. 

"We have to make structural changes because this is going to catch up with us," continued Scott.  

Members of both parties criticized the House for passing its continuing resolution after progressive Democrats successfully removed $1 billion in funding for Israel's iron dome. 

That led House Majority Leader Steny Hoyer to promise that by the end of the week, the House will vote on a standalone bill that restores the funding. 

"It is absolutely essential," said Hoyer on the House floor. "There were 4,400 rockets in 10 days that rained down on Israel, one of our closest allies and friends." 

Hoyer said he spoke with Israel's minister of foreign affairs and assured him there is strong bipartisan support for the Iron Dome, and the funding will be restored.  

***Please sign up for CBN Newsletters and download the CBN News app to ensure you keep receiving the latest news from a distinctly Christian perspective.***

Did you know?

God is everywhere—even in the news. That’s why we view every news story through the lens of faith. We are committed to delivering quality independent Christian journalism you can trust. But it takes a lot of hard work, time, and money to do what we do. Help us continue to be a voice for truth in the media by supporting CBN News for as little as $1.