Focus on the BIG picture.
Friday, Jul 04, 2025

0:00
0:00

Debt Ceiling Crises Have Unleashed Political Chaos

The United States has never defaulted on its debt, but it has come close several times in recent decades. These near-defaults have been caused by political gridlock in Congress, which has refused to raise the debt ceiling.
The debt ceiling is a limit on how much money the federal government can borrow. It was created in 1917 to prevent the government from spending more money than it takes in. However, the debt ceiling has become a political weapon, with one party or the other using it to try to force the other side to make concessions.

This has led to several debt ceiling crises, in which the government has come close to defaulting on its debt. The most recent crisis was in 2011, when the government was shut down for 16 days as a result of the political gridlock.

These debt ceiling crises have had a number of negative consequences. They have damaged the economy, led to job losses, and shaken confidence in the government. They have also made it more difficult for the government to borrow money, which has raised interest rates and made it more expensive for businesses to invest.

The debt ceiling is a relic of a bygone era. It is no longer necessary to prevent the government from spending more money than it takes in. The government should get rid of the debt ceiling and allow the Treasury Department to borrow whatever money it needs to pay its bills.
Newsletter

Related Articles

0:00
0:00
Close
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Chinese Astronauts Successfully Return from Tiangong Space Station
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Singapore Police Empowered to Seize Bank Accounts to Combat Scams
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Never forget when Melania Trump OBLITERATED this MSNBC reporter
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
UK Scientists Launch Synthetic Human Genome Project with £10 Million Funding
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Zohran Mamdani's Radical NYC Agenda: Ambition, Alarm Bells, and an Uncharted Leftist Experiment
North Korea to Open New Beach Resort to Boost Tourism Economy
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
Spanish Prime Minister Pedro Sánchez Announces Re-Election Bid Amid Corruption Investigations
Brazilian Congress Rejects Lula's Proposed Tax Increase on Financial Transactions
Hong Kong Monetary Authority Intervenes as Hong Kong Dollar Reaches Weak Trading Threshold
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
CIA: IRAN’S NUKES HIT HARD, CNN LIED AGAIN
×