Why does Congress even need to raise the #debtceiling?
Failure to do so, when the U.S. hits the current $31.4 trillion limit next week and then the Treasury runs out of ‘extraordinary measures’ in the summer, could spark a U.S. default and a calamitous financial and economic crisis – all based on a law designed to pay for World War I in 1917.
https://theconversation.com/why-america-has-a-debt-ceiling-5-questions-answered-164977
The thing people miss is that the US has plenty of revenues to pay its debt obligations. There is NO serious legal risk of defaulting even if the debt ceiling isn't raised.
It's true that new projects won't be able to spend as much as they would like, but legally the US will prioritize its debt obligations and will not default.
We really need more civics education about how the US government functions, as this comes down to separation of branches, with the Congress only authorizing spending while the executive branch actually spends out of the Treasury.
