With a Republican president and a Republican Congress, raising the debt ceiling should be no big deal. But what about this Republican president and this Republican Congress? In a battle of dysfunction, America’s economy stands on the brink.
President Donald Trump has asked Congress to pass a “clean” increase to the debt ceiling before our current borrowing capacity of $19.85 trillion is exhausted sometime in September or October. That is to say, he wants the House and Senate to authorize the treasury to borrow money to pay for the spending Congress has already approved. That’s a good thing because failing to do so would be calamitous.