For all the sound and fury about raising the nation's debt limit, most economists say federal borrowing is not at a crisis point ... at least not yet.
The national debt is at the core of a dispute about how to raise the government's legal borrowing authority, a mostly political argument that could turn intothis summer if the U.S. runs out of accounting maneuvers to keep paying its bills.
“Spending cuts and tax hikes would kill off growth in a year when we’re more likely than not to go into recession,” Greene said. “It’s not clear that it would put us onto a more sustainable fiscal footing at all.” “We’re talking about a current fiscal path that’s very unbalanced,” Smetters said. “That’s not a partisan statement. It’s an accounting thing.”
House Republicans favor a path toward a balanced budget that their leaders — including McCarthy — have yet to publicly detail, while Biden wants to increase the borrowing cap without preconditions. “We haven’t seen a plan from Republicans — what’s their plan?” White House press secretary Kaine Jean-Pierre asked reporters at Friday's briefing. “They want to cut, cut, cut, but they're just saying this rhetoric that is incredibly dangerous."
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Lots of sound and fury on US debt, but not a crisis — yetFor all the sound and fury about raising the nation's debt limit, most economists say federal borrowing is not at a crisis point. debt us kprc2 click2houston
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