A little bit more than 30% right now of our debt is owned fornly. The largest lenders are Japan and China. When you're borrowing from abroad, the repayments, interest payments, are leaving our economy. We borrow between one to two trillion dollars every year for the next 10 years unless we get our savings under control.
In January of this year the U.S. hit its maximum borrowing limit of 31.4 trillion dollars. Now the White House is demanding that Congress raise the debt ceiling and allow the administration to borrow more money. The GOP House says an agreement must include spending cuts. In this Sunday extra episode of Morning Wire we speak to a bipartisan expert about the importance of the debt limit.
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