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A debt limit is a cap set by Congress on how much money the U.S. government can borrow. ... U.S. federal government's current $36 trillion in debt, tax experts say. ... from paying its debts. A U ...
Pre-existing is the important term here, as it indicates that the government needs new financing, i.e. more loans, in order to pay long-standing debt. Government debt is used to pay for things ...
A country's gross government debt (also called public debt or sovereign debt [1]) is the financial liabilities of the government sector. [2]: 81 Changes in government debt over time reflect primarily borrowing due to past government deficits. [3] A deficit occurs when a government's expenditures exceed revenues.
According to the OECD, general government gross debt (federal, state, and local) in the United States in the fourth quarter of 2015 was $22.5 trillion (125% of GDP); subtracting out $5.25 trillion for intragovernmental federal debt to count only federal "debt held by the public" gives 96% of GDP.
A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it will not pay (or only partially pay) its debts (repudiation), or it may be unannounced.
The comparison isn’t exactly apples-to-apples, as the government can essentially borrow as much as it wants to pay its obligations, while individual Americans must pay their debt or face bankruptcy.
Krugman pointed out that unlike individuals, governments don't have to pay off all their debt. "How did we pay off the debt from World War II? We didn’t," he wrote. "Federal debt when John F ...
An opinion article in National Review likened it to the government "printing money" to pay off debt. [70] However, according to economist Paul Krugman, the move would not be inflationary, saying on Twitter, "The Fed would surely sterilize any impact on the monetary base by selling off some of its huge portfolio of US debt." [71] [72]
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