America is once again marching toward a statutory debt ceiling standoff. In a familiar spectacle, lawmakers will clash, doomsday scenarios will be invoked, and a last-minute deal will likely stave off a self-inflicted crisis – all while sidestepping the root problem of runaway spending. My new research shows that the federal government’s capacity to issue debt safely has eroded since 2017. President Trump is right to believe that the debt ceiling should be raised to avoid additional unnecessary harm. But the President also has an incredible opportunity to use this moment to increase the nation’s credit rating and prove that we are a responsible borrower.
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