Raymond Scott Pert on Nostr: At least the article got the #debtceiling right IMO >The debt ceiling is part of the ...
At least the article got the #debtceiling right IMO
>The debt ceiling is part of the problem. It was never intended to limit the federal debt. It was actually created to facilitate borrowing. During World War I, Congress got tired of authorizing each new round of bonds, so it gave the Treasury permission to borrow up to a specific limit. Its current use, as a means for Republicans to extort spending cuts from Democrats by threatening to push the nation into default, is even less productive.
>The debt ceiling is part of the problem. It was never intended to limit the federal debt. It was actually created to facilitate borrowing. During World War I, Congress got tired of authorizing each new round of bonds, so it gave the Treasury permission to borrow up to a specific limit. Its current use, as a means for Republicans to extort spending cuts from Democrats by threatening to push the nation into default, is even less productive.