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What Does the Constitution Tell Us About the Debt Limit?

Cato Podcast

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The Differences Between Repudiation and Default

Congress has implicitly authorized the debt to exceed the ceiling. If on the other hand, the reverse were to occur,. that sequence of events would disallow the issuance of any debt used to finance future appropriations. That would require some alternative source of funds available. So what is default then? Well, there's this question about whether default and repudiation are different.

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