Not Raising the Debt Ceiling Would Worsen the Fiscal Situation - US News and World Report

Not Raising the Debt Ceiling Would Worsen the Fiscal Situation - US News

Talk of refusing to raise the debt limit is just that—talk. Not raising the limit would require Congress to annually find about $1.3 trillion in federal tax increases or spending cuts—a set of policy changes larger than the revenues currently raised by the individual income tax. So far, the legislators who say they oppose a debt limit increase have not come forth with anything near such a plan. Nor should you expect them to. They are just blowing smoke. Eventually, they will agree to raise the limit.