DEBT CEILING 2023: OUR VOLUNTARY ARMED FORCES COULD BECOME LITERAL
Doom and gloom are commonplace throughout the modern news cycle for many reasons. After all, fear can generate clicks. But the facts surrounding the debt ceiling 2023 do present plenty of cause for concern, particularly if you’re part of the U.S. military. As the debt ceiling deadline of 2023 approaches, there are calls to find a way to work together from all corners. But the most alarming issue for some involves the fact that service members could miss out on paychecks if the U.S. defaults. For the millions within the military community still battling inflationary threats, it’s worth paying attention to how the nation hands the U.S. debt ceiling in 2023.
Related: Military Pay Raise 2023 is Huge
Did Congress Raise the Debt Ceiling 2023?
No, as of this writing, the debt ceiling for 2023 has not been raised. As it stands, the Federal debt and the statutory limit, May 2023 will need to be lifted again after being raised to $31.4 trillion on December 16, 2021.
It took a lot for the U.S. Treasury to develop its current plan after reaching its limit on January 19, 2023. This means that come the beginning of June 2023, according to the Congressional Budget Office, massive issues could face the U.S. government as it struggles to fund programs.
Although it’s unknown how much revenue or the exact timing would be involved with the government debt ceiling 2023, it’s clear that a wide range of areas of U.S. governance will be affected. Noticeably, this means that the idea of a voluntary military could become very literal if Congress and the White House can't make a deal.
The Paychecks of Service Members Are in Jeopardy
Joining the military may be voluntary for troops in the United States, but it’s still a job. Who among us, no matter how passionate we are, typically shows up to work without the promise of a paycheck?
Serving America is a noble cause, but military members have bills, families, responsibilities, and ambitions. Being paid is important as a motivator and a vital right from an ethical standpoint. Yet, as complex economic issues grip the nation and its warriors, paycheck stoppages loom.
"What it would mean realistically for us is that we won't, in some cases, be able to pay our troops with any degree of predictability. And that predictability is really, really important for us. But this would have a real impact on the pockets of our troops and our civilians," said Defense Secretary Lloyd Austin.
As the 2023 debt ceiling approaches and talks within the government have been less than encouraging, it’s clear that for the crisis to be averted, there will need to be concessions, collaborations, and more from both sides.
The White House and Democrats want to raise the debt ceiling immediately to avoid default, while Republicans demand spending cuts before lifting it. President Biden and congressional leaders have met to discuss the issue, but no agreement has been reached.
The impact of a default on government payments is hard to predict, but about $4 billion in military salaries could be affected if the U.S. defaults before June 15, according to the Bipartisan Policy Center’s Debt Limit Analysis.
This all comes at a time in which recruitment is already an issue across the American Armed Forces and tensions are rising across the globe with some of our nation’s largest rivals.
The latter problem is one that some experts believe could be a concern for national security if the full force of the debt ceiling crisis in 2023 comes to pass.
"China right now describes us in their open speeches, etc., as a declining power. Defaulting on the debt will only reinforce that thought and embolden China and increase (the) risk to the United States," said Chairman of the Joint Chiefs Gen. Mark Milley.
When Does Debt Ceiling Expire 2023?
June 1, 2023 is the date that many are looking toward in regard to the U.S. defaulting. Again, by June 15, 2023, this could mean the effect on military members’ paychecks could be catastrophic to troops and their families. The debt ceiling 2023 may come with bipartisan disagreement but the one thing we all should agree on is that a deal must be done because our nation’s heroes deserve better.
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