It is interesting. What will happen in the USA? 'Prohibition of debts in America'

[Balu]

Prohibition of debts in America

In fact, since Thursday, Trump can no longer borrow a cent. On Wednesday, an important time expires. Then the official debt limit will come into force, which currently amounts to over 18 trillion dollars. At the same time, the current deficit is almost 20 trillion. Nevertheless, the introduction of the debt ceiling was postponed in October 2015 - to the above-mentioned March 15, 2017.

Since Thursday, the US Treasury will no longer be able to sell new bonds, that is, the government will have to manage money from current incomes. This will not be the first time when the limit is raised not in time. The debt limit and its increase is always a political issue. In the past, even had to close the government, because it could not pay employees.

https://de.sputniknews.com/politik/20170314314876995-naechste-tage-welt-veraendern/

https://www.welt.de/wirtschaft/article162820568/Wie-die-naechsten-48-Stunden-die-Welt-veraendern-koennen.html (https://de.sputniknews.com/politik/20170314314876995-naechste-tage-welt-veraendern/)

[pete311]

It will be raised, always is, non story.

[LongTermGuy]

will NEVER sink as low as Russia `has.....`

[Balu]

will NEVER sink as low as Russia `has.....`

1.

https://otvet.imgsmail.ru/download/a2931a594e3198001555a6d0d81a9416_i-680.jpg
2. Never say never!

3. "Do not say that you are brave - you will meet a more courageous person, do not say that you are strong - you will meet a stronger one, do not say that it is wise to meet a more wise one."

(A cartoon)

https://www.youtube.com/watch?v=zrYDtO3ZWAI

[sear]

" the current deficit is almost 20 trillion. " B #1
Thanks for raising this very important issue.

"Deficit" is the shortfall during the budgetary period; in this case, one year.
"Debt" is the total accumulation of the deficits, plus whatever interest liability has also accrued.

And you're right again, this source says it's ~$20 $T.

http://www.brillig.com/debt_clock/

"It will be raised, always is, non story." p3
Yes BUT !!
It is not always raised in time.

During the Obama administration, the Republicans shut the government down, trying to make Obama / Democrats look bad.
It backfired on the Republicans.

"Shutting down the government in my view is not conservative policy. I don't think a two week paid vacation for federal employees is conservative policy.
A number of us were saying back in July that this [government shutdown] strategy could not and would not work. And of course, it didn't. So there'll not be another government shutdown. You can count on that." Sen. McConnell (R-KY) CBS-TV Face The Nation 13/10/20
I don't know of any other nation with a "federal deby limit".

It would be a FANTABULISTIC idea IF IT WORKED.

It never has!

If congress doesn't have the spine to reduce spending to below revenues, however accomplished, then at least it should have the integrity to permanently discard the charade of the debt limit. This drama queen ceremony of congress galloping to the fiscal rescue again and again and again and again and again and again and again merely emphasizes their own incompetence.

"All honors wounds are self-inflicted." Andrew Carnegie
The only ones congress embarrasses more than the People of the United States is congress itself.