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Message: <blockquote data-quote="Over70irregs" data-source="post: 5595390" data-attributes="member: 59424">Current situation with the debt ceiling: 1. On one side, Republicans are unwilling to make a deal without spending cuts. They believe this is a “spending issue” as the US now spends 24% of GDP annually, nearly a record. 2. On the other side, Democrats to do not want to cut spending, but simply just raise the debt ceiling. House Speaker, McCarthy, just said that the US generating revenue equal to 20% of GDP, well above average. This is why they view the crisis as a spending issue. Meanwhile, the US has just $57 billion in cash on hand and is 9 days away from a potential default. We are spending over $1.3 billion a day on interest ALONE. Markets are dropping and borrowing costs are rising as the deadline nears. What’s the solution here and which side is correct?                - Kobeissi Letter</blockquote>