Government
Jan. 19, 2023
Raising the federal debt ceiling has been the norm
The only practical solution is for Congress to promptly act to increase the debt ceiling, which it recently did with bipartisan support on three occasions during the Trump Administration, to protect the full faith and credit of the United States.
John H. Minan
Emeritus Professor of Law
University of San Diego School of Law
Professor Minan is a former attorney with the Department of Justice in Washington, D.C. and the former chairman of the San Diego Regional Water Quality Board.
The United States has never defaulted on the national debt, which is the amount the government owes its creditors. Wide agreement exists that failing to pay its obligations would cause catastrophic harm to the American economy and adversely impact global financial stability. Unfortunately, the country is once again speeding toward a government shutdown over financing the budget deficit.
When the government spends more than it takes in thr...
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