In just a few weeks, the US may be unable to pay its bills.
Senator Sheldon Whitehouse, the Democratic chair of the Senate budget committee, recently reintroduced a bill that would eliminate what he derides as “the bear trap in the bedroom that is the debt ceiling”. Speaking to the Guardian after the hearing, Mark Zandi, chief economist at Moody’s Analytics, described the debt limit as “totally anachronistic”. Although the debt ceiling might have previously spurred bipartisan negotiations over government spending levels and priorities, the threat of default was much too high in the US’s current era of hyper-polarized politics, he argued.
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