If Congress does not raise the debt ceiling the United States will default on its obligations and consequences would be seismic. Read more
ent a note to House Speaker Kevin McCarthy informing him that United States had reached its borrowing limit. Her department is currently using “extraordinary measures” to temporarily cover expenses, but this spare cash will be exhausted by June 5, 2023, after which the U.S. Government would default.Article content
The last time the U.S. had a balanced budget was 2000. Since that time, four Presidents – two from each party – have added US$25 trillion in new debt. Under the simplest measure – on whose watch the spending occurred – responsibility is split evenly between the parties. With each round, Mr. McCarthy offered yet more concessions, including the dilution of his own power to drive consensus on difficult issues. One of the key concessions was a commitment not to raise the debt ceiling without major spending cuts, even if this means defaulting.Article content
At present, the U.S. benefits from the market belief that there is a 100 per cent chance that it will pay its debts on time and in full. If that belief is invalidated, interest rates will spike dramatically.Article content
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