US Treasury Secretary Steve Mnuchin said the Trump administration and congressional leaders are getting closer to a deal to raise the debt ceiling.
Meanwhile, the US budget deficit is has increased by 23.1% year-on-year through the first nine months of fiscal 2019.
Mnuchin wants Congress to go ahead and raise the debt ceiling before the August recess because analysts now think the government will hit its borrowing limit earlier than expected.
Jerome Powell took center stage this week and the Federal Reserve chair didn’t do anything to dampen expectations of a rate cut. That sent both stocks and gold higher. The yellow metal pushed back above $1,400 after tanking in the wake of last Friday’s June jobs report and stocks swooned. Everybody seems to love Easy Street. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey breaks down what the Fed chair said and didn’t say. He also debunks the “there is no inflation” myth and highlights some other interesting news in the gold markets.
The US national debt officially topped $20 trillion after Pres. Trump signed a bill temporarily raising the debt ceiling limit for the next three months. With his signature, Trump increased the statutory debt by about $318 billion. That raised the US national debt to $20.16 trillion. The debt has increased about $215 billion from around $19.94 trillion since Trump took office.
Ron Paul says the whole debt ceiling issue raises even more fundamental questions about the role of government.
President Trump wants to scrap the debt ceiling. A lot of pundits and politicos think this is a great idea. Just scan through the mainstream media reporting and you’ll see headlines like this one from New York Magazine. “Trump Wants to Eliminate the Debt Ceiling. He’s Right.”
Peter Schiff sees this whole thing in a different light. He believes eliminating the debt ceiling will just push us more quickly down the road to the mother of all dollar bear markets.
Peter built the case for a dollar crash in his most recent Schiff Report video.