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How would raising the debt ceiling affect the economy?
Posted
February 6, 2023
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February 6, 2023
500
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15:59Now PlayingThe Treasury Department has notified Congress that it’s time to again raise the nation’s debt ceiling, now at $31 trillion, to allow more borrowing to pay off the country’s accumulated bills. Treasury said it can start taking extraordinary measures to keep paying the bills, but the money will run out by June.
Raising the nation’s debt ceiling had been a routine matter historically, a final task after Congress had authorized federal spending and appropriated the money needed to pay for the country's various programs and services.
But that all changed when the Republican tea party came to town after the 2010 election.
Saying Americans were “taxed enough already,” the tea party House Republicans arrived promising to slash federal spending, using the debt ceiling vote as their political leverage.
Markus Schneider, an associate professor of economics at the University of Denver, joined us to talk about the potential impacts to the economy.
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