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Congress Has To Decide On The Federal Budget And The Debt Ceiling
Posted
September 27, 2021
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14
September 27, 2021
14
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1:01Now Playing2 major deadlines are coming up that can impact the US economy. Check out the video to learn what they are!
Welcome back to Bold TV with David Grasso. Be sure to like, comment, and subscribe to Bold TV for all things Bold.
Congress has to approve the federal budget and agree to raise the debt ceiling. These are two very different things so let’s talk about these one at a time.
The federal budget is like our own personal budgets because this is the amount of money the government is allowed to spend each year. The fiscal year ends on September 30th and Congress has yet to decide on the federal budget.
If they don’t reach an agreement by September 30th, they will have to shut down the government. If they do, they will have to furlough thousands of government workers until Congress can reach an agreement.
The debt ceiling is a bit more complicated. The debt ceiling is the maximum amount of money the government can borrow to pay for things. For things like social security, Medicare, the military, and tax refunds.
We are about to hit the debt ceiling limit so Congress needs to vote to raise it or the US could be in huge financial trouble. Hopefully, they will be able to vote on the federal budget and debt ceiling and prevent a crisis.
Do you think they will be able to vote for these things before it is too late? Let us know in the comments below!
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