- What do we make of the debt limit negotiations?
- Should debt limit increases be automatic?
- If not, what subjects are (or are not) “fair game” for discussion?
- Should debt limit increases be automatic?
- Bigger picture, how should the US think about its use of debt to fund government programs?
- Should we aim to
- repay over time?
- maintain a constant level relative to GDP? (At what target level?)
- Something else?
- How does our use of debt compare to our peers?
- Should we aim to
- What does all of the above mean for our annual budgets?
- To use the terms from today’s WaPo “Budget Game,” are you a
- Diligent Deficit Hawk?
- Big Tax and Spender?
- Money-printing Maverick?
- To use the terms from today’s WaPo “Budget Game,” are you a
1 Comment
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mdsinclair
Here are a few recent articles from The New York Times discussing the debt limit and how to deal with it:
1. Biden must negotiate with the House of Representatives to raise the debt ceiling (https://www.nytimes.com/2023/05/14/opinion/debt-limit-constitution.html?smid=em-share)
2. Biden must ignore the debt ceiling (https://www.nytimes.com/2023/05/07/opinion/debt-limit.html?smid=em-share)
3. Why Biden doesn’t want to negotiate with the House of Representatives about raising the debt limit (https://www.nytimes.com/2023/05/10/us/politics/biden-obama-debt-limit.html?smid=em-share)
4. One way to work around having to raise the debt limit – premium bonds (https://www.nytimes.com/2023/05/10/us/politics/biden-obama-debt-limit.html?smid=em-share
5. Potential budgetary consequences of the plan passed by the House of Representatives as the price for raising the debt ceiling (https://www.nytimes.com/interactive/2023/05/08/upshot/federal-budget-republicans.html?name=styln-debt-ceiling®ion=TOP_BANNER&block=storyline_menu_recirc&action=click&pgtype=Article&variant=undefined)And a few more possible questions to discuss on Monday:
-Is the position of the House GOP that Biden must negotiate long-term budget cuts as the price for raising the debt ceiling wrong in principle? or wrong only in this instance? or wrong because of the particular cuts they have proposed? or wrong in some other way? Or an acceptable way of doing government business?
-Is any of the potential workarounds to avoid negotiating with Congress about raising the debt ceiling, more acceptable than the others? If so, in what ways?
-Does the President have a constitutional obligation to avoid the US defaulting on its debts? If so, where is that obligation found in the Constitution? If the President has that obligation, does it outweigh the President’s duty to “… take care that the laws [including the law requiring the debt ceiling to be raised by Congress] be faithfully executed ….” (US Constitution, Art. III, Sec. 3)?_
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