10-06-2025 14:32
Trump pushes to eliminate debt ceiling
In a striking statement, US President Donald Trump called for the complete elimination of the federal debt ceiling to avoid what he described as an impending economic collapse. Will this action deliver results?
Trump’s proposal stems from growing fears that the United States could default on its obligations. In light of this, the president urged a full repeal of the statutory debt limit to prevent an economic catastrophe. He argued that such a step would help stabilize the nation’s finances.
“The debt ceiling should be completely abolished to prevent an economic disaster. It is too destructive and should not be controlled by politicians who want to exploit it. It could have a terrible impact on our country and, indirectly, even on the world,” Trump wrote on his Truth Social platform.
According to analysts, the US could face the risk of default by August unless Democrats and Republicans reach an agreement to raise the debt ceiling.
Back in late March, the Congressional Budget Office projected that the federal government could run out of money and default between August and September 2025, should the debt limit remain unchanged. The debt ceiling represents the cap on how much the Treasury can borrow to fund government operations. The CBO also estimated that by 2034, the US national debt could exceed $50 trillion.
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Published 10 June 2025
© InstaFintech Group
© InstaFintech Group
