Congressional Budget Office director Phillip Swagel told members of the House Republican Study Committee that the $31.4 trillion national debt presented a dire challenge.
Fox News senior congressional correspondent Chad Pergram has more on the fiscal trajectory as the Congressional Budget Office warns the country could default sometime between July and September on 'Special Report.'The director of the nonpartisan Congressional Budget Office Wednesday briefed a group of House Republicans in a closed-door meeting on the dire situation the United States is in regarding its $31.4 trillion debt, sources told Fox News Digital.
Another source in the room confirmed that Swagel shared dire warnings about the U.S. economy if serious fiscal cutbacks to fix the deficit are not imposed. Republicans have called for spending cuts to offset an increase to the U.S. debt limit, while Democrats counter that raising the level is an obligation of the federal government that should be dealt with separately from other matters.warned Congress last month that the government is using"extraordinary measures" after hitting the $31.4 trillion debt limit in January, and that those funds would run out in early June.
REPUBLICANS DEMAND GOVERNMENT DEFAULT AVOIDANCE DETAILS FROM TREASURY, ASK ABOUT ‘CONTINGENCY PLANNING’ "These kinds of briefings are incredibly important to fully understand the seriousness of our nation’s fiscal trajectory," Cline told Fox News Digital."It is totally irresponsible for President Biden and the Democrats to refuse to negotiate any limitations on federal spending. We need to come together, tighten the purse strings, and balance the budget – just like families across America have to do every day.
Biden and Democrats have accused the GOP of wanting to cut those programs in order to bring down spending – a claim that spurred outrage among Republicans.
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