American author James Bovard says a time will soon come when the United States can no longer sell its ever-expanding debt to foreigners.
œAt some point, foreigners will stop buying the US government debt and at that point the US government will be forced to slash its own spending,” Bovard told Press TV on Tuesday.
Currently, the US is undergoing a government shutdown which started on October 1 as members of Congress failed to pass a budget for government operations.
Republicans have resisted funding the government for the current fiscal year until they obtain concessions from President Barack Obama that would delay or defund his signature healthcare law known as Obamacare.
On Tuesday, Obama once again criticized Republicans for demanding œransom” to reopen the government as the shutdown entered its eighth day. The president urged Congress to reopen the government and raise the federal debt ceiling.
The US is presently incurring a debt of $16.7 trillion and it has until mid-October to raise the current debt ceiling.
Bovard said that œthere are some congressmen who are being honest and saying that the much of what the US government does is unnecessary, the US can no longer afford to do that,” he added.
œThe US government borrows money from China in order to pay for wasteful programs that exist solely in order to allow American politicians to buy votes from their voters,” he noted.
AT/HJ
Copyright: Press TV