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Local implications if debt ceiling negotiations break down

Urgent debt ceiling talks between the Speaker of the House and the President took place Monday evening.

CHARLOTTE, N.C. — Speaker of the House Kevin McCarthy (R-CA) and President Biden are discussing how to raise the debt ceiling before the U.S. defaults on its debt come June 1st.

The discussions are in the 11th hour as Treasury Secretary Janet Yellen warns that the country's deadline is only days away.

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After June 1st, the U.S. Treasury would have to choose which bills to pay and that could likely affect anyone receiving social security, certain tax credits or even military families.

READ MORE: Will Congress get paid if the U.S. defaults? Why no one knows

Alloy Wealth Management Inc. founder and CEO, Mark Henry, says the U.S. has been spending at an increased level since the pandemic. Henry says the main sticking point between Republicans and Democrats seems to be ways in which cuts can be found.

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"Before COVID and the pandemic, we're spending all this money for certain things. COVID caused America to increase spending a great deal. The pandemic is now gone, and we're spending even more. We need to go back to where we were at prior to COVID which would put us in a much better position," explained Henry.

Colin Mayfield: Contact Colin Mayfield at cmayfield@wcnc.com or follow him on FacebookTwitter and Instagram.


WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.

 

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