Should Congress Abolish the Debt Ceiling?, A Debate
For years, the U.S. government has been spending more money than it takes in, resulting in a national debt of more than {20}31 trillion. To fund government operations, Congress has raised the debt ceiling-the amount of money the government can borrow from banks, investors, and foreign countries-more...
| Other Authors: | Infobase,, Intelligence² (U.S.) |
|---|---|
| Format: | Video |
| Language: | English |
| Published: |
[Place of publication not identified] :
Intelligence Squared US,
[2023]
Distributed by Infobase, |
| Physical Description: |
1 online resource (1 video file (49 min., 28 sec)) : sound. |
| Subjects: |
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| 520 | |a For years, the U.S. government has been spending more money than it takes in, resulting in a national debt of more than {20}31 trillion. To fund government operations, Congress has raised the debt ceiling-the amount of money the government can borrow from banks, investors, and foreign countries-more than 70 times. If the federal government breaches the debt ceiling, the law prevents it from funding many critical services, such as paying salaries to most government workers and military veterans, sending out Social Security checks, and making Medicare reimbursements. Such a breach could lead the government to default and cause a major financial crisis. Some argue that the debt ceiling is counterproductive, creates huge political problems, and threatens both the U.S. and global economy. Others, however, argue that it is an effective tool of governance, prevents excessive government spending, and keeps lawmakers accountable. Should Congress abolish the debt ceiling? | ||
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