Felix Salmon: “It was bliss while it lasted — which was exactly two years. Right now, the U.S. has no limit on the amount of debt it can issue. But that ends on Saturday.”
“Brace yourself for another round of unedifying posturing and brinkmanship, all of which should result — after a period of entirely unnecessary fiscal contortion — in the debt ceiling being raised (not abolished) sometime this fall.”
“The debt ceiling cannot do what it purports to do, which is control the amount that the government borrows. The tax and spending bills passed by Congress are legally binding, and the debt ceiling neither enables nor constrains them.”
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