LEADERS NEGOTIATE DEBT CEILINGS AND SPENDING, FAILURES PLAY POLITICS

BROOKINGS REPORT ON DEBT CEILING: https://www.brookings.edu/2023/01/25/how-worried-should-we-be-if-the-debt-ceiling-isnt-lifted/
The debt limit caps the total amount of allowable outstanding U.S. federal debt. The U.S. hit that limit—$31.4 trillion—on January 19, 2023, but the Department of the Treasury has been undertaking a set of “extraordinary measures” so that the debt limit does not yet bind. The Treasury estimates that those measures will be sufficient at least through early June. Sometime after that, unless Congress raises or suspends the debt limit before June, the federal government will lack the cash to pay all its obligations. Those obligations are the result of laws previously enacted by Congress. “Raising the debt limit is not about new spending; it is about paying for previous choices policymakers legislated.” 
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