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Top economist David Rosenberg on Friday called the debt ceiling crisis "pathetic."
What Happened: Amid the ongoing debt ceiling standoff between Team Biden and the House of Republicans, Rosenberg took to Twitter to disapprove of the debt ceiling crisis considering that government revenue is near a record high.
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“Pathetic that the U.S. could be facing a debt ceiling crisis as Uncle Sam’s revenue stream ballooned to $5tn, almost doubling in the past decade to 19.6% of GDP — a near record-high ratio post-WWII & compared to the 50-year average of just over 17%,” he tweeted.
See Also: Yellen ‘Hopeful’ Of Resolution For Debt Ceiling Impasse; ‘May Be This Time Is More Difficult’
“Uncle Sam” is a colloquial term for the U.S. government or the American people.
Last year, the Congressional Budget Office reported that federal revenue had increased by 21% to $4.9 trillion compared to the previous year, marking the highest surge in government revenue in 50 years. However, at the same time, the government’s debt rose to $31 trillion, and the ratio of debt to GDP decreased from 98% to 97%.
Why It Matters: Rosenberg’s comments came as U.S. lawmakers are still disagreeing on increasing the debt limit, which needs to be done by early June. Otherwise, the government will default. And if the U.S. government defaults on its debt, it would likely trigger a financial crisis.
Meanwhile, the much-awaited meeting between President Joe Biden and House Speaker Kevin McCarthy regarding the debt ceiling crisis scheduled for Friday was postponed, with the leaders having agreed to meet early next week.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.