The History of the Debt Ceiling Limit

The US has more than $31 trillion in national debt. If it is breached, the government may go into default, leading to national and global consequences. Supporters in favor of abolishing the debt ceiling say it is counterproductive, leads to political drama, and an economic threat. Those arguing “no” say it’s an effective tool of governance that allows discussion about national spending and keeps lawmakers accountable. Now we debate: Should Congress Abolish the Debt Ceiling?  

Arguing Yes: Mark Zandi, chief economist at Moody's Analytics 

Arguing No: Parker Sheppard, director for Center of Data Analysis at the Heritage Foundation  

Emmy award-winning journalist John Donvan moderates 

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