The periodic chaos and exceptional measures associated with the US federal debt ceiling are costly, unnecessary, and could well end in catastrophe. The US Constitution, arithmetic, economics, and common sense all support legislation to abolish the cap once and for all.
NEW YORK – On January 19, 2023, the stock of outstanding US federal debt reached $31.4 trillion, technically bumping up against the statutory “debt ceiling.” The Treasury is now resorting to “extraordinary measures” to buy more time for Congress to raise or suspend the debt limit before interest or principal payments come due. A failure to do so will trigger a sovereign default.
NEW YORK – On January 19, 2023, the stock of outstanding US federal debt reached $31.4 trillion, technically bumping up against the statutory “debt ceiling.” The Treasury is now resorting to “extraordinary measures” to buy more time for Congress to raise or suspend the debt limit before interest or principal payments come due. A failure to do so will trigger a sovereign default.