{"id":1926601,"date":"2023-05-08T12:55:38","date_gmt":"2023-05-08T16:55:38","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/delaying-nations-debt-limit-increase-only-makes-matters-worse-warns-elon-musk\/"},"modified":"2023-05-08T12:58:19","modified_gmt":"2023-05-08T16:58:19","slug":"delaying-nations-debt-limit-increase-only-makes-matters-worse-warns-elon-musk","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/delaying-nations-debt-limit-increase-only-makes-matters-worse-warns-elon-musk\/","title":{"rendered":"Elon Musk warns that delaying debt-limit increase worsens matters."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdelaying-nations-debt-limit-increase-only-makes-matters-worse-warns-elon-musk%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1926601&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Elon Musk Warns Against Delaying Debt Ceiling Raise<\/h2>\n<h3>Consequences Will Only Get Worse, Says Musk<\/h3>\n<p>Industrialist Elon Musk has warned that delaying the raising of America&#8217;s debt ceiling will only make the consequences worse. In a tweet on May 8, Musk stated, &#8220;In the end, all debts must be paid, just a question of when. Later makes it worse.&#8221; He was responding to a tweet about Treasury Secretary Janet Yellen&#8217;s warning that any failure to raise the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/terry-paulson-time-to-build-public-support-for-debt-limit-demands\/\" title=\"Terry Paulson: Time to Build Public Support for Debt Limit Demands\">national debt limit<\/a> could result in economic chaos. <\/p>\n<h3>Additional Debt is a Crisis Itself<\/h3>\n<p>The Kobeissi Letter, an industry-leading commentary on the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/morgan-stanley-under-fire-for-minority-only-intern-program\/\" title=\"Morgan Stanley Under Fire for Minority-Only Intern Program\">global capital markets<\/a>, also warned that taking on additional debt &#8220;is a crisis itself.&#8221; Since 2008, the United States has added $22 trillion in debt, $8 trillion of which has been accumulated since 2020. It had taken the country 230 years to add its first $8 trillion in debt. <\/p>\n<h3>U.S. Debt Estimated to Hit $50 Trillion<\/h3>\n<p>Within the next 10 years, total U.S. debt is estimated to hit $50 trillion with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sen-scott-rips-left-for-tax-and-spend-policies\/\" title=\"Sen. Scott rips left for tax and spend policies\">annual interest expense<\/a> well over $1 trillion. Soon, interest will be the U.S. government&#8217;s largest expense. Each time the debt ceiling is raised, the crisis gets worse. We need a sustainable solution, warns The Kobeissi Letter. <\/p>\n<h3>Breaching the Debt Ceiling<\/h3>\n<p>In a May 1 letter to House Speaker Kevin McCarthy, Yellen revealed that the Treasury would be unable to continue satisfying the government&#8217;s financial obligations &#8220;potentially as early as June 1&#8221; in case Congress does not raise the debt limit. &#8220;We have learned from <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/delaying-nations-debt-limit-increase-only-makes-matters-worse-warns-elon-musk\/\" title=\"Elon Musk warns that delaying debt-limit increase worsens matters.\">past debt-limit impasses<\/a> that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-us-will-be-out-of-money-in-october-if-congress-doesnt-raise-debt-ceiling\/\" title=\"Yellen: US Will Be Out Of Money In October If Congress Doesn\u2019t Raise Debt Ceiling\">raise short-term borrowing costs<\/a> for taxpayers, and negatively impact the credit rating of the United States,&#8221; the letter said. <\/p>\n<h3>U.S. Debt: By the Numbers<\/h3>\n<ul>\n<li>The current debt limit is $31.4 trillion, which was hit in January 2021.<\/li>\n<li>The net interest expense on U.S. debt in 2022 was approximately $475 billion, which comes to around 10 percent of the nation&#8217;s tax revenue.<\/li>\n<li>The United States has added $22 trillion in debt since 2008, $8 trillion of which has been accumulated since 2020.<\/li>\n<li>Total U.S. debt is estimated to hit $50 trillion within the next 10 years.<\/li>\n<\/ul>\n<p>The United States is only a few weeks away from breaching the debt ceiling. It&#8217;s time for Congress to take action and find a sustainable solution to this ongoing crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industrialist Elon Musk stated that delaying the raising of America\u2019s debt ceiling will only make consequences worse, as the United States is only a few weeks away from breaching the limit. \u201cIn the end, all debts must be paid, just a question of when. Later makes it worse,\u201d Musk posted in a May 8 tweet.<\/p>\n","protected":false},"author":186,"featured_media":1926602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[17223,17237,4249,5476,6398,4250,3633,16256],"class_list":["post-1926601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-debt-limit","tag-delaying","tag-elon","tag-increase","tag-matters","tag-musk","tag-warns","tag-worsens"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1926601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1926601"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1926601\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1926602"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1926601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1926601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1926601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}