Update 574 — Debt Limit Agreement:Resolution for Now; Reform for Later? Late yesterday, House Democrats adopted legislation allowing the Senate to raise the debt ceiling without having to overcome a filibuster, this once. The Senate GOP is expected to cooperate to avoid a sovereign default that would otherwise have occurred within days or weeks. The fast-track process …
Update 558 — Debt Limit Dilemma:Have Faith in “Full Faith and Credit”? The U.S. financial system and therefore the economy is under the sword of Damocles right now, with the statutory debt limit already exceeded, emergency measures estimated to expire as soon as mid-October, markets in turmoil, and no viable legislative solution in reasonable reach. Last night, …
Update 548 — July 31 Debt Limit Deadline:How to Avoid Policy Concessions This Time This Saturday, July 31, the federal debt limit suspension passed by Congress two years ago expires. If Congress does not act, the U.S. could default on its debt in the fall, without precedent but promising catastrophic global economic effects. Republicans have …
