(JUST FACTS DAILY) -- Contrary to widespread claims that the U.S. government will default on its debt if Congress doesn’t raise the debt limit, federal law and the Constitution require the Treasury to pay the debt, and it has ample tax revenues to do this.
Nor would Social Security benefits be affected by a debt limit stalemate unless President Biden illegally diverts Social Security revenues to other programs.
The debt limit is a valuable tool for transparency, accountability, and giving voters an ongoing say in how their money is spent.
The Debt Situation
The U.S. national debt has grown by $8.2 trillion since 2020 and is now $31.5 trillion. This is an average debt of $239,763 for every home in the nation.
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