MM112: Is the US heading for an 'economic and financial catastrophe'?!
Market Maker
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The History of the Debt Ceiling
The US debt level is going up $1 million every 40 seconds. It's the amount of money that Congress has agreed to borrow, and they set a limit. And unless Congress approves the borrowing of additional money on top of that, then it's not legal. Since 1960, the debt ceiling has been renegotiated higher, 78 times,. 49 times under Republican presidents, 29 times under Democrats. We'll perhaps come on to that later.
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