In Brief: It's a Debt Trap (with Justin Wolfers)
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The Debt Limit Is a Manufactured Crisis and Here's a Way Out of It
Justin Wilfers: It's not clear Congress can does or even knows what it's doing when it passes a debt limit. He says changing the face value of the bonds you issue is a way of just pointing to the complete incoherence of Congress saying spend this much, take in this much, but don't borrow anymore. Preat Barara: I think we've broken the record, but this is important, consequential and complicated.
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