The Debt Ceiling Debate Is Congress at Its Dumbest ...Middle East

As I warned last October, Republicans planted a fiscal timebomb two years ago in the Bipartisan Budget Act of 2019. What they did at the time was suspend the debt limit—an archaic fiscal tool that should have already died a thousand deaths—until July 31, 2021. Whatever the federal debt is on that date becomes the new debt limit, permitting no additional borrowing (although the Treasury can still extend the limit slightly using what are called “extraordinary measures”). There is no question that Republicans and perhaps a few Democrats will demand a pound of flesh for any debt limit increase. Although it eventually will be granted, Republicans likely will ensure that it runs out again just bef

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Last updated : 27 July 2021 clock 01:15 PM

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The Debt Ceiling Debate Is Congress at Its Dumbest ...Middle East

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