"Previous House Speaker Warns: Mounting Debt Poses Gravest Danger - US Presidents Face Imminent Debt Crisis As Borrowing Skyrockets to $519,056,779,000 Over a Period of 25 Days"
In a recent statement, former US House Speaker Kevin McCarthy has identified the national debt as the greatest threat to America, warning that it is nearing a crisis. McCarthy emphasizes that the rapidly increasing borrowing threatens the dollar's global dominance as countries are incentivized to find alternatives to the dollar due to sanctions and economic pressures [1][2].
McCarthy credits former President Trump for strategic actions against BRICS nations but stresses that the national debt is the central problem jeopardizing the U.S. economy and currency position. He argues that if the next president does not take serious measures to reduce government spending and address the debt, the U.S. could face deep cuts to major safety net programs like Social Security, estimating cuts could be around 20-24% [1][2].
McCarthy highlights the lack of political will in Congress to balance the budget, noting the disappearance of fiscally conservative Democrats ("Blue Dog" Democrats) and the absence of any members elected with a commitment to balancing the budget [1][2].
Meanwhile, in the world of finance, US lawmakers have subpoenaed JPMorgan Chase CEO Jamie Dimon and Bank of America Boss Brian Moynihan over their role in a Tesla supplier's IPO (Initial Public Offering) [Regulators].
Elsewhere, signs of activity in ancient Bitcoin (BTC) are being monitored by crypto analytics firms, suggesting potential sell-side pressure [Bitcoin]. Arthur Hayes, a known figure in the crypto world, is backing an altcoin that is outpacing the crypto market following a new partnership with Anchorage Digital [Altcoins].
The Daily Hodl, a news platform covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3, has published an article on this topic, falling under the categories of News, Bitcoin, Altcoins, Financeflux, Blockchain, Regulators, and HODLX [Categories].
However, the article does not provide any new information about trading or NFTs, nor does it contain any advertisements [Trading, NFTs, Advertise].
[1] The Daily Hodl, "Former US House Speaker Kevin McCarthy Warns of National Debt Crisis Threatening Dollar's Global Dominance" [2] CNBC, "Kevin McCarthy: National debt is threat to America, can't be avoided any longer"
- The growing national debt, as highlighted by former US House Speaker Kevin McCarthy, might inspire countries to seek alternatives to the dollar, such as cryptocurrencies and altcoins, as a result of sanctions and economic pressures.
- In the realm of personal-finance and general-news, cryptocurrency figure Arthur Hayes is backing an altcoin that is outperforming the market following a new partnership with Anchorage Digital.
- While the cryptocurrency market is abuzz with activity, congressional subpoenas have been issued to JPMorgan Chase CEO Jamie Dimon and Bank of America Boss Brian Moynihan, over their role in a Tesla supplier's Initial Public Offering (IPO), as part of investigations by financial regulators.
