The Treasury’s Debt Ceiling Shell Game

In Analysis by Michael Rae

The U.S. government has once again smacked into the national debt ceiling. Technically, that means the U.S. government can’t borrow more than the $31.4 trillion previously approved by the U.S. Congress. But in practice, what it means is that the U.S. Treasury will start playing a shell game called “extraordinary measures” with the funds it controls. That game will continue until the U.S. Congress votes to reset the debt ceiling to a new level.
The Treasury Department is really good at that game. In fact, the last time it played its shell game was in 2021. The Treasury Department also notably played the game in

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