Under former President Trump’s administration in 2019 the US Senate reached a bipartisan agreement whereby the US debt ceiling would be suspended until July 31, 2021. That date is quickly approaching and Senate Republicans are indicating that they will refuse to raise the debt ceiling in order to combat current President Biden’s plans to spend an astronomical amount on his infrastructure bill. However, if the debt ceiling is not raised by July 31st then the US would likely eventually default on its debts resulting in a catastrophic economic panic and collapse around the world.
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