Debt ceiling concerns dismissed by Treasury and politicians, but markets remain unfazed.

President Biden and Treasury Secretary Janet Yellen have been using scare tactics to push for a debt ceiling increase, claiming that failing to do so would lead to default. However, the Treasury has enough revenue to service the debt and fund major government programs without issuing new debt. The real risk lies in the unsustainable level of government spending, which is driving the deficit and ballooning the $31 trillion debt. Spending cuts are urgently needed in the federal budget to avoid a future default.