Comments on economics, mystery fiction, drama, and art.

Wednesday, June 29, 2011

The stalemate about the federal government's "debt limit"

I think I want to make this argument:

1) Congress passed a budget in which authorized expenditures exceed expected revenues.

2) That expected deficit would cause the federal government's debt to exceed the statutory "debt ceiling."

3) Congress has therefore (pretty much) explicitly authorized the Administration to exceed the statutory "debt ceiling," and to do so without limit.

Am I missing something?


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