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2 votes

Can someone explain the debt ceiling clearly?

It is just the maximum amount that the US can borrow by issuing bonds and has no impact on what the US can spend. U.S. Debt Ceiling: Definition, History, Pros, Cons, Clashes The debt ceiling is the ...
Joe W's user avatar
  • 13.4k
3 votes

social security vs debt ceiling

According to Wikipedia, as of 2022, the "trust fund" for social security was owed $2.7 trillion. The rest of the government basically "borrows" from the fund in order to be able to ...
Boba Fit's user avatar
  • 1,600
15 votes

What is the theory behind using the 14th Amendment to ignore the debt ceiling?

zibadawa timmy's answer is basically correct, that is the theory. To add some quotes from someone detailing it (in NYT): The theory builds on Section 4 of the 14th Amendment to argue that Congress, ...
Fizz's user avatar
  • 131k
35 votes

What is the theory behind using the 14th Amendment to ignore the debt ceiling?

The debt ceiling fight is about funding and permitting the government to pay for costs and debts that have already been incurred by prior duly passed legislation. It is not, intrinsically, a fight ...
zibadawa timmy's user avatar
0 votes

What would happen if the US exhausts extraordinary measures, debt limit is not increased, and Treasury decides to ignore limit and issue new debt?

If they follow the 2011 plan, it would essentially mean that the government will start jerking like a car with a faulty transmission, because [under that plan] priority will be given to paying debts ...
Fizz's user avatar
  • 131k

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