What are generational implications of repealing debt limit

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Questions: Due to dysfunctions in the federal budget process, the congress must periodically increase the amount of debt that the executive branch can incur in order to meet the level of appropriations congress has approved. In the blog below, from Paul Van de Water, he argues that congress should repeal the limit, which would give the federal government unlimited borrowing authority. CBPP blog:

Is Van de Water correct? Is it really the responsibility of American taxpayers to ensure that the global economy is not at risk from a potential US default? If you were a member of congress and had to decide on whether to repeal the debt limit, how would you explain your vote to your constituents? Is there more information you need before making a decision on whether to support or oppose the repeal? What are the generational implications of repealing the debt limit? What other options does congress have besides repealing the debt limit?

Reference no: EM133338431

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