Democratic Rep. Pramila Jayapal of Washington said Tuesday that there would be backlash “in the streets” if President Joe Biden agreed to spending cuts to secure an increase in the debt ceiling.
“I think there would be a huge backlash from our entire House Democratic Caucus, certainly the progressives, but also in the streets,” Jayapal told CNN reporter Manu Raju. “You know, I mean, I think it is important that we don’t take steps back from the very strong agenda that the president himself shepherded and led over the last two years.”
Republicans, led by House Speaker Kevin McCarthy, are insisting on spending cuts to accompany any increase in the limit to the national debt, which currently stands at $31.4 trillion, while Democrats have demanded a “clean” debt ceiling increase, with no spending cuts or other legislative items attached.
Biden and McCarthy talked Monday but failed to reach an agreement on lifting the debt ceiling.
“We do not legislate through the debt ceiling for this very reason,” Democratic Rep. Alexandria Ocasio-Cortez of New York said.
The House of Representatives passed the Limit, Save, Grow Act April 26 by a 217-215 vote. The legislation increases the debt ceiling by $1.5 trillion, repeals portions of the Inflation Reduction Act, requires Congress to approve regulations that have an economic effect of $100 million or more and establishes new work requirements for some beneficiaries of welfare programs.
Some left-wing members of Congress are calling on Biden to invoke the 14th Amendment to unilaterally raise the debt ceiling.
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The Biggest Threat to Your Retirement Is Actually a Very Good Thing
When you look at the headlines today, you’ll see experts in the retirement industry warning about big threats to your financial security:
- De-dollarization and the rise of BRICS
- Soaring national debt
- Unstable interest rates
- Weakened U.S. dollar
All of these are real concerns. But they aren’t the biggest threat to your retirement savings. The true risk isn’t political, monetary, or global.
It’s longevity.
Why Longevity Is the Silent Threat
For most of human history, the problem was the opposite — life expectancy was short, and few people even reached retirement. Today, thanks to medical advancements, healthier lifestyles, and better living conditions, people are living longer than ever before.
And while that’s a wonderful thing, it comes with a financial catch: Your retirement account has to last far longer than you might expect.
- A 65-year-old couple today has a 50% chance that one of them will live to 90.
- Some projections suggest that many of us will live well into our 90s, even 100+.
- This means your nest egg may need to stretch not for 15 years, but 25, 30, or even 40 years.
That’s where the real danger lies: running out of money before you run out of life.
The Retirement Equation Has Changed
While market volatility, debt crises, or central bank policies may feel like the scariest threats, they’re temporary storms. Longevity, however, is a structural shift. Every extra year of life is another year of expenses, another year of inflation erosion, and another year of financial pressure.
If your retirement plan doesn’t account for longevity, you could face tough choices later in life — downsizing, working when you’d rather not, or becoming financially dependent on others.
How to Take Control
The good news? Longevity is a blessing — as long as you’re prepared for it. With the right planning, your retirement savings can work for you instead of against you. The key is learning how to protect your wealth, outpace inflation, and ensure your savings grow even as you live longer.
That’s why our friends at Augusta Precious Metals created a free resource to help you get started:
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This brief report will show you practical strategies to safeguard your retirement from the biggest threat of all — the one that comes from the gift of living longer.
Don’t let longevity catch you unprepared. Take the steps today to secure tomorrow.