What happens when we have too much debt?
United States near The Statutory Debt Limit
In February, the United States federal debt reached its current statutory limit of $6.4 trillion. For now, the Treasury Department is taking the usual stopgap measures involving the G-Fund, but Congress will need to increase the limit soon to avoid a default.
Most likely, Congress will approve an increase before any default would happen. But this time, there is actually a smidgen of doubt, given that last year's bill to raise the limit was barely passed by the House at the 11th hour. What would be the effects of a government default? For one thing, it might put a damper on the administration's New American Century agenda.
Most likely, Congress will approve an increase before any default would happen. But this time, there is actually a smidgen of doubt, given that last year's bill to raise the limit was barely passed by the House at the 11th hour. What would be the effects of a government default? For one thing, it might put a damper on the administration's New American Century agenda.
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This is the permanent home of What happens when we have too much debt?. I wrote this post at 23:54 on April 6, 2003. This post is part of grubbykid.com, a weblog. If you liked this entry, why don't you read some other posts such as Perspectives of reporting or Slander and the power of TRACERT and simple IP Tools? Or you could go to the site archives or return home. All are good choices.
