Any continued spending on even a major deficit-reducing level will entail the continued piling up of necessary debt that at some point will again run into the debt limit. That was the case in 2011 when the nation's credit rating was lowered because of the uncertainty on raising the debt ceiling. Treasury Secretary Janet Yellen says we'll reach the debt ceiling ... today, as it happens. The White House declares--with Biden saying this time what Barack Obama said in 2011--that you don't negotiate on whether to pay debt you've already taken on. Somebody would eventually give in, but damage in the meantime of an American debt default of any duration could be lasting.
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