Congress Must Act Quickly to Avoid Financial Catastrophe: Debt Ceiling Debate Divides House Republicans and President Biden

The US government has reached its debt ceiling, the maximum amount it is able to borrow to pay its bills. This has caused a divide between House Republicans and President Joe Biden, as the former struggle to cut spending while the latter proposes a budget they deem ‘inflated’ and ‘woke-i-fied’.

Treasury Secretary Janet Yellen has warned that a default on the debt could trigger an economic and financial catastrophe. She has urged all members of Congress to come together to address the debt limit without conditions and without waiting until the last minute.

Rep. Greg Murphy (R-NC) has taken particular issue with the President’s proposal to tax unrealized capital gains, or a theoretical profit on an investment you haven’t yet sold. Murphy believes that this would unfairly target hardworking teachers and firefighters, who would pay a higher share of their income in taxation than billionaires.

The debt ceiling has been raised or suspended multiple times in the past, and lawmakers must act to do so again in order for the government to continue paying its bills. It is unclear how the two sides will come to an agreement, as the House Republicans and President Biden have very different ideas about how to address the issue.

It is important for Congress to come together and find a solution to the debt ceiling issue before it is too late. Without a resolution, the US could face a financial and economic catastrophe.