Quote:
Originally Posted by retiredguy123
Ever hear about the debt ceiling? It is legislation that limits the amount of Federal debt to a specific amount. The problem is that Congress passes new legislation almost every year to raise the limit.
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Yes, I am aware of the debt ceiling. It gets increased to prevent default. But you raise an interesting question. As these stimulus bills are spending trillions without any adjustment to income, how are they fitting under the debt ceiling limitations? So I looked it up.
I had forgotten that Congress and Trump
suspended the debt ceiling in 2019 for two years. So right now there is no debt ceiling. We can borrow and spend whatever is needed that can pass Congress and get signed.
My modest suggestion would decrease the debt, so the ceiling, when it returns, would be benefitted.