Why the U.S. Is Having Yet Another Debt Ceiling Debate

The very phrase “debt ceiling” sounds austere and restrictive, as if it’s a lid on authorities spending. In reality, the U.S. federal debt restrict was first conceived greater than a century in the past to make it simpler, not tougher, for the federal government to borrow cash. Nevertheless it morphed into an explosive political software with the potential to roil monetary markets, since a failure to boost the debt ceiling might finally end in a first-ever default on a number of the authorities’s obligations.