Credit card schmedit card. U.S. up to our current $31.4 trillion dollar limit. What’s the worst that could happen? Trigger recession, no tax refunds, no government pay (think military) and no social security, The debt ceiling is a legal restriction on how much money the federal government can borrow to pay its bills. It was instituted by Congress in 1917 as a way to control government spending.

Raising the debt limit is a politically charged issue, and it typically becomes more contentious when there is a divided government. The current Republican majority in the House of Representatives is pushing for spending cuts in exchange for raising the debt limit, but the White House and the Democratic-controlled Senate are opposed to this. If the government defaults on its debt, it would be unable to pay many of its bills and could plunge the country into a recession. Sound familiar?

The Treasury Department has warned that it will need to take “extraordinary measures” to avoid defaulting on the debt. It remains to be seen how the current standoff between the Biden administration and House Republicans will be resolved. So, try not to panic about how much you/we owe Visa, Mastercard, American Express? It could be worse. We vould be the government. Credit card schmedit card, right?

Source TBT

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