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US Treasury to hit new debt ceiling before Trump’s inauguration as the crisis worsens

Author: Content Editor
The United States is facing a potential financial crisis as the Treasury Department confirms it will reach its debt ceiling just days before Donald Trump returns to the White House. Treasury Secretary Janet Yellen warns that unless lawmakers act to raise or eliminate the debt ceiling, the US will face financial disaster. Interest payments on the growing national debt have doubled in the past three years and are projected to overtake Social Security as the government's largest expense in the next three years. Without congressional action, the US will hit its borrowing cap by mid-January, leaving the government unable to pay its bills and potentially leading to massive funding cuts for federal programs. The US economy is already struggling with rising inflation, high interest rates, slowing growth, and declining consumer confidence. The divide between Democrats and Republicans on the issue of the debt ceiling adds to the uncertainty and tension in Washington.

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