The Debt Ceiling Is Dangerous, But It’s Probably Not Going Away Anytime Soon

Source: FiveThirtyEight
by Geoffrey Skelley

“The use of the debt ceiling as a legislative hostage started in earnest in 2011, when a divided government in Washington nearly caused a debt default. Energized by the tea party movement, Republicans refused to back an increase in the debt ceiling unless then-President Barack Obama agreed to budget cuts, and they also refused to raise taxes as part of a bipartisan bargain. A last-minute agreement followed, but the delay still led to a downgrade in the country’s credit rating. Yet we’ve seen continued clashes over the cap ever since. Those conflicts have escalated further in the current round.” (10/07/21)