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Will the US default on its debt? Ask GZERO World's guests | GZERO World

Will the US default on its debt? Ask GZERO World's guests

It's the question swirling around Washington this week (and last week, and the week before, etc, etc). It's of concern to US allies and of great interest to US adversaries: Will the United States government default on its debt for the first time in history? Depending on the day of the week, or the hour of the day, you may get a different answer from politicians and pundits alike.

On GZERO World with Ian Bremmer, though, guests from the past few months, including Utah Senator Mitt Romney, World Bank Group President David Malpass, former New Jersey Governor Chris Christie, and US Transportation Secretary Pete Buttigieg, have struck a common chord: it won't happen, but if it does, we're in for a hurting. Catch GZERO World with Ian Bremmer on public television stations nationwide. Check local listings.

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Chris Christie weighs in on DC debt limit fight | GZERO World

Chris Christie weighs in on US debt limit fight

Unless lawmakers in Washington can work out a deal to raise the debt ceiling, there will be “serious consequences for our economy,” says rumored GOP presidential candidate Chris Christie. The former governor of New Jersey spoke with Ian Bremmer on GZERO World to talk about the 2024 presidential race and the issues currently facing the Republican Party, including the House Speaker Kevin McCarthy’s current fight with the White House to raise the debt ceiling in exchange for deep cuts in federal spending.

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Explaining the long history of US debt (& which other countries are saddled with debt) | GZERO World

Explaining the long history of US debt (& which other countries are saddled with debt)

Sovereign debt is, simply put, the money a country owes to its creditors around the world. Ian Bremmer explains a few more fun facts about debt on GZERO World.

Good old Ben Franklin once quipped, “Rather go to bed without dinner than to rise in debt.” Well, America didn’t exactly heed that advice, because never in its history did the US hit the hay hungry. In fact, the nation ended the Revolutionary War years about $75 million in debt.

US debt hit the billions by the time the Civil War was over, and was at $22 billion after World War One.

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US Cannot Issue New Debt Until Congress Acts To Raise Debt Limit | GZERO Media

GOP partisanship could trigger first-ever US default

Jon Lieber, head of Eurasia Group's coverage of political and policy developments in Washington, DC shares his perspective on US politics:

What does it mean that the US has hit its borrowing limit?

Well, the US this week hit its statutorily created debt limit, meaning that because of all the money that it borrowed during the course of the pandemic and the fact that it's borrowing hundreds of billions of dollars a year spending more than it takes in tax revenues, it hit its $31.5 trillion debt limit, which means that the US is now in a situation that it cannot issue new debt until Congress acts to raise the debt limit. However, Congress does not want to raise the debt limit, and there are a couple episodes during 2011 and 2013 where Congress came very, very close to the date where it would've potentially defaulted for the first time ever by not making payments to creditors.

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Does China’s Rise Have To Mean America’s Decline? | GZERO World with Ian Bremmer

Does China's rise have to mean America's decline?

The US and China are as wary of each other as they've ever been. But the Chinese think they are on the rise, while America is declining.

On this episode of GZERO World, Ian Bremmer talks to billionaire Ray Dalio, head of the world's largest hedge fund, who thinks rising US debt, a widening wealth gap among Americans, and the meteoric rise of China all play into Beijing's plans to overtake the US as a global superpower.

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Will the US Debt Ceiling Debate Cause a Government Shutdown? | US Politics :60 | GZERO Media

Will the US debt ceiling debate cause a government shutdown?

Jon Lieber, head of Eurasia Group's coverage of political and policy developments in Washington, shares insights on US politics:

Is a US government shutdown coming?

Hard to say. Republicans and Democrats generally are in agreement about the need to fund the government. And they generally agree at what level the government should be funded. And they generally agree about the need for supplemental money for Afghanistan and some natural disasters, coming out of hurricanes this season and wildfires. What they're not in agreement about is the federal debt limit, which is the cap on US borrowing that the US hit in early August and needs to be extended by some time in October. Otherwise, the US will have a first-ever default. This would be a very bad outcome with cataclysmic results for the entire world economy.

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