Economics

FEATURED DEBATE

Should Congress Abolish the Debt Ceiling?

The US has more than $31 trillion in national debt. The debt ceiling — or the most the government can borrow from banks, investors, and foreign countries — has been raised more than 70 times. If the debt ceiling is breached, the federal government will be unable to pay its bills or interests on past debts; cover Social Security checks, payroll for veterans and federal employees; and Medicare reimbursements — leading to default. If that happens, a financial crisis may occur with global implications. Supporters in favor of abolishing the debt ceiling say it is counterproductive, leads to political drama,…

June 2, 2023
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FEATURED DEBATE

June 2, 2023
LEARN MORE

Should Congress Abolish the Debt Ceiling?

The US has more than $31 trillion in national debt. The debt ceiling — or the most the government can borrow from banks, investors, and foreign countries — has been raised more than 70 times. If the debt ceiling is breached, the federal government will be unable to pay its bills or interests on past debts; cover Social Security checks, payroll for veterans and federal employees; and Medicare reimbursements — leading to default. If that happens, a financial crisis may occur with global implications. Supporters in favor of abolishing the debt ceiling say it is counterproductive, leads to political drama,…

Mark Zandi

ARGUING YES

Mark Zandi
Chief Economist of Moody's Analytics
Parker Sheppard

ARGUING NO

Parker Sheppard
Director for Center of Data Analysis at the Heritage Foundation

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