The History of the Debt Ceiling

Ever since Congress created a federal debt limit, it has managed to raise it before U.S. borrowing reached the limit. For the first time, it looks as though that may not happen, and the government could conceivably default on its obligations. Today on Deconstructed, Jon Schwarz is joined by the economist Stephanie Kelton to talk about the history that brought us to this moment, why both political parties may take us over this ridiculous and dangerous brink together, and what it all means for now and the future.

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