Michael Strain on Averting the Looming Debt Ceiling Disaster
Macro Musings with David Beckworth
00:00
The Debt Ceiling
The debt ceiling is an odd feature of the process by which the U.S. puts together budgets and the federal government spends money. Back in the old days, Congress had to approve every bond issuance that the treasury wanted to do. That worked in the early decades of American history because there wasn't that much debt being issued. Then as that system became more and more of a hassle, Congress adopted this debt ceiling approach where Congress authorized the treasury department to issue debt up to a certain amount.
Transcript
Play full episode
