Make the economic case why the debt limit is an outdated and unnecessary legislative mechanism. Discuss how failure to raise or eliminate it could harm the economy.

April 21, 2023April 21, 2023 Discipline: Economics

The US is the only country in the world (in addition to Denmark) that has a debt limit which is an absolute amount (not a percent of GDP). Currently, the US is approaching that limit and Congress is deliberating whether to increase it. Mark Zandi, Moody Analytics Chief Economist, warned lawmakers that failure to do so would cripple the US economy. He also made the case that the debt ceiling should be eliminated altogether.

Eliminating the debt limit is also a position supported by Treasury Secretary Janet Yellen:
Q: Make the economic case why the debt limit is an outdated and unnecessary legislative mechanism. Discuss how failure to raise or eliminate it could harm the economy.
https://www.nytimes.com/2023/03/07/us/politics/debt-default-economy.
https://www.cnbc.com/2021/09/30/yellen-lends-support-for-effort-to-remove-the-debt-ceiling-altogether.

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