By James Benedict and Kate Davidson, includes “Raising the debt limit doesn’t authorize new spending, but it allows the Treasury to issue new debt to cover spending that Congress has already authorized, like the $900 billion pandemic relief bill signed into law by former President Trump. Once the debt ceiling is reached, new debt cannot be issued until lawmakers vote to raise or suspend the borrowing limit. … Approaching the deadline without a plan can have consequences. …”
Read the full article on: The Wall Street Journal