Last week the Treasury Department announced that the U.S. had hit a congressionally mandated limit on how much the federal government could borrow to satisfy its financial obligations — the so-called debt ceiling. But Congress needs quickly to raise the debt ceiling to make it clear that payments — including to Social Security recipients — will be made. Unfortunately, House Republicans are essentially threatening to hold an increase in the debt limit hostage to concessions on future spending from the Biden administration and congressional Democrats. President Biden has insisted on a “clean” increase in the debt ceiling from the current $31.381 trillion, but he muddied his message by agreeing to meet McCarthy to discuss the debt ceiling among other subjects. But politicizing the raising of the debt ceiling is dangerous.

Source: Los Angeles Times January 30, 2023 21:02 UTC