The Treasury’s Debt Ceiling Shell Game

Source: Independent Institute
by Craig Eyermann

“The U.S. government has once again smacked into the national debt ceiling. Technically, that means the U.S. government can’t borrow more than the $31.4 trillion previously approved by the U.S. Congress. But in practice, what it means is that the U.S. Treasury will start playing a shell game called ‘extraordinary measures’ with the funds it controls. That game will continue until the U.S. Congress votes to reset the debt ceiling to a new level. … like most things in Washington D.C., the latest debt ceiling debate isn’t really about the debt. It’s about who gets to choose how much the government will spend. Spending is the one thing that politicians and bureaucrats have complete control over, and it’s the one thing they care about most.” (01/23/23)