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IPFS News Link • Government Debt & Financing

This Wouldn't Be The First 'Crazy' Monetary Action By A US President

• Business Insider

The government's borrowing results from all the tax and spending choices made by past and present elected officials and leads to annual deficits that add to a stock of public debt.

Once the tax and spending choices are made, the resulting debt load is a fait accompli, a residual.

Yet said elected officials have also seen fit to pass a law declaring that debt must fall below a specific limit.
From time to time, then, Congress has to pass a law raising the limit—essentially, declaring its past choices legal—or face dire fiscal consequences