Debt Ceiling Standoff: A Historical Perspective

This chapter examines the critical state of America's debt ceiling, currently at $28.5 trillion, and the impending political showdown between Democrats and Republicans over its increase. It highlights historical precedents of past debt crises, the implications of failing to raise the ceiling, and critiques the transformation of budgetary processes into political leverage. The discussion also considers the potential fallout from a government default on its obligations, affecting the global financial system and essential domestic services.