In Brief: It's a Debt Trap (with Justin Wolfers)
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Is There a Deal?
The national debt is $24 trillion. If we raise the interest rate by even half a percentage point, that's a ton of money. The global financial system is kind of built around this idea that the US government always pays its debts. This Congress had a speaker running against nobody and he couldn't get elected. There was no serious Republican candidate against McCarthy and they couldn't get it done.
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