“We’re not going to default on the loan. We have the ability to manage the servicing and paying our interest. But in the same way we shouldn’t blindly raise the debt limit,” Representative Chip Roy, a prominent conservative, told Reuters. told.
Roy dismissed concerns about volatile markets and the risk of a recession.
Roy said in an interview, “They say the same thing every time. It’s like clockwork.” “We’re already headed for a recession. The question is what it’s going to look like – unless a combination of monetary policy and fiscal policy saves us from our folly of spending so much money.”
Congress intended to limit its growth in 1939 by adopting a comprehensive debt ceiling, the statutory maximum amount of debt that can be issued by a government. The measure has not had that effect, as, in practice, Congress has treated the annual budget process—deciding how much money to spend—as distinct from debt limits—in essence, covering the cost of previously approved spending. to agree to.
