The debt ceiling debate that’s raged on in the nation’s capital was a test of political wills combined with economic catastrophe. So where did the US debt ceiling come from? KSAT Explains.
The debt ceiling debate that’s raged on in the nation’s capital was a test of political wills combined with economic catastrophe.
The federal government created the debt ceiling as a way to pay for U.S. involvement in that war, and it’s been around ever since. However, there’s a difference in how much money can be spent versus how much debt the U.S. can take on. “There are 11 interest payments starting May 30 through the end of June,” said Tunstall. “And if any one of those gets missed, then Treasury bonds, bills, notes automatically get a one-notch downgrade. So it’s no longer a triple AAA, you know, top-rated. And that means the cost of borrowing goes up.”“Even if that we missed one payment, we’re looking at probably 500,000 jobs or millions if it goes on for any length of time,” Tunstall said.
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