McCarthy Warns US Debt Crisis Threatens Dollar Dominance

21:24 31.07.2025 CVJ.AI Editorial Office

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Former House Speaker Kevin McCarthy warns that the US national debt is nearing a crisis, threatening the dollar’s global dominance. He urges the next president to address soaring borrowing and potential cuts to Social Security.

US debt spiked by $519 billion in July 2024, hitting $36.8 trillion.
McCarthy links dollar's dominance to debt control, citing BRICS' de-dollarization push.
Social Security faces a 24% cut unless the next administration addresses the debt crisis.

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Other Tags: US Dollar, BRICS, US House of Representatives

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McCarthy Warns US Debt Crisis Threatens Dollar Dominance

Former US House Speaker Kevin McCarthy has issued a stark warning about the escalating national debt, which surged by $519 billion in July alone, reaching $36.8 trillion. In a CNBC interview, McCarthy emphasized that unchecked borrowing risks the dollar's status as the world's reserve currency, citing sanctions and BRICS' efforts to bypass the dollar. He stressed that the next president must tackle the debt crisis to avoid deep cuts to Social Security, noting the lack of fiscal hawks in Congress. McCarthy called for public education and congressional action to prevent a 24% reduction in Social Security benefits.

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