In 2018 the federal debt ceiling was suspended until March 1 2019. The ceiling was automatically reinstated on March 2 2019 at the level of national debt on that date (around $22 trillion)(1)(2). So the national debt is at the current debt limit.
To operate the government at the debt limit, the treasury must employ "extraordinary measures". Essentially the government takes money it uses for other things, and uses it to pay off its debts instead. The measures allow government to "temporarily postpone the date that the United States would otherwise default on its obligations"(3)(4).
If the extraordinary measures are exhausted, i.e. the government runs out of money it can use to pay its debts, then the country defaults on its debts. The only way to avoid this is Congress agreeing to raise the debt limit.
Treasury reportedly has around $600 billion dollars worth of "extraordinary measures"(5). It is estimated this will be exhausted some time between September and early November(6)(7).
What do you think the chances are of the debt ceiling being raised without a game of chicken? I think the chances are slim to none.
And can growth in the economy outpace the national debt, which continues to rise under Trump, as with other administrations?
(1) https://www.cbo.gov/system/files/115th- … of2018.pdf
(2) https://treasurydirect.gov/NP/debt/current
(3) https://www.treasury.gov/connect/blog/P … gress.aspx
(4) https://home.treasury.gov/system/files/ … _05_19.pdf
(5) https://bipartisanpolicy.org/press-rele … -november/
(6) ibid
(7) https://www.forbes.com/sites/teresaghil … 61d5286b3f
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And what does it mean for us?
by dutchman1951 14 years ago
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