CATO INSTITUTE: What the Debt Ceiling Really Means

The clock is slowly ticking toward Aug. 2, the date on which the U.S. faces "fiscal Armageddon" — according to the Obama administration — unless Congress agrees to raise the debt ceiling. But would we?


The Obama administration, as well as much of the media and many economists, tend to equate failure to raise the debt limit with default. That's not precisely true.

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