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Thursday, May 23, 2024

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Debt Ceiling Crises Have Unleashed Political Chaos

The United States has never defaulted on its debt, but it has come close several times in recent decades. These near-defaults have been caused by political gridlock in Congress, which has refused to raise the debt ceiling.
The debt ceiling is a limit on how much money the federal government can borrow. It was created in 1917 to prevent the government from spending more money than it takes in. However, the debt ceiling has become a political weapon, with one party or the other using it to try to force the other side to make concessions.

This has led to several debt ceiling crises, in which the government has come close to defaulting on its debt. The most recent crisis was in 2011, when the government was shut down for 16 days as a result of the political gridlock.

These debt ceiling crises have had a number of negative consequences. They have damaged the economy, led to job losses, and shaken confidence in the government. They have also made it more difficult for the government to borrow money, which has raised interest rates and made it more expensive for businesses to invest.

The debt ceiling is a relic of a bygone era. It is no longer necessary to prevent the government from spending more money than it takes in. The government should get rid of the debt ceiling and allow the Treasury Department to borrow whatever money it needs to pay its bills.
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