Charting the rise of America’s debt ceiling

USAGOLD note: For those curious about the history of the debt ceiling ………

The Visual Capitalist/Dorothy Neufeld and Nick Routley/5-17-2023

‘Raising the debt ceiling is nothing new. Since 1960, it’s been raised 78 times. In the 2023 version of the debate, Republican House Majority Leader Kevin McCarthy is asking for cuts in government spending. However, President Joe Biden argues that the debt ceiling should be increased without any strings attached. Adding to this, the sharp uptick in interest rates have been a clear reminder that rising debt levels can be precarious. Consider that historically, interest payments on the U.S. debt have been equal to about half the cost of defense. More recently, however, the cost of servicing the debt has risen, and is now almost on par with the defense budget as a whole.”