Synopsis
The debt ceiling concept came into being in 1917, formally meaning that the total debt of the government cannot exceed a certain amount, and if it does, then Congressional acquiescence is needed. Presently, the limit is $31.4 trillion, about 117% of the US GDP. Is there any valid explanation for having such a limit?
The one thing common among US presidents, whether George W Bush, Barack Obama or Joe Biden, is that they have all had to tackle the issue of debt ceiling - that is, going back to the basics to keep government running. The concept of debt ceiling in the US is quite unique as it does not exist in most countries. Where they do, governments rarely come close to this limit and, thus, don't capture headlines. But the US is singular in this respect, as
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May 23, 2023 at 12:27AM
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Debt ceiling: USA, Do It Our Way - The Economic Times
"do it" - Google News
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