Bill created to address U.S. debt ceiling
The economy avoided disaster by not defaulting on debt, says ASU economist Dennis Hoffman.
In this story aired June 1, 2023, on Arizona PBS:
Congress, in their infinite wisdom back about 100 years ago, decided that they were going to pass judgment on the amount of debt that can be outstanding. So periodically, we reach debt limits. This was another episode where we are about to reach the debt limit, so they had to take action to suspend the limit or raise it.
– Dennis Hoffman, director of the L. William Seidman Research Institute at the W. P. Carey School of Business and director of ASU's Office of the University Economist
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