US Treasury Secretary Janet Yellen says the US may run out of cash by June 1 unless the debt ceiling is raised. In 1960, exasperated by the government’s propensity to borrow, the US Congress imposed a debt ceiling. Since then, the debt ceiling has been raised or revised 78 times – or more than once a year. The imposition of a debt ceiling gives the US Congress strong leverage over the policies pursued by the executive branch. It will probably require volumes to analyze all the factors that converged to create this social media carnival.
