Debt ceiling crisis brings differences between MAGA Republicans and Biden Democrats into sharp relief
The debt ceiling is not about future spending; future spending is debated when Congress takes up the budget. The debt ceiling is a curious holdover from the past, when Congress actually wanted to enable the government to be flexible in its borrowing rather than holding the financial reins too tightly. In the era of World War I, when the country needed to raise a lot of money fast, Congress stopped passing specific revenue measures and instead set a cap on how much money the government could borrow through all of the different instruments it used. Beginning in the 1980s,...
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