DEBT DOESN’T CARE about elections. The U.S. government must continue to pay its bills, and as long as current spending trends continue, it must keep borrowing money to do so.
But politicians care very much about elections. When it recently became apparent that the government was about to smash its head on the $31.4 trillion debt ceiling established by Congress, thus potentially triggering a catastrophic cash crunch and default on American debt obligations, the political leadership of both parties got right to work figuring out the best way to avoid losing their next election.
In the end, the bipartisan deal to suspend the debt limit—on which the ink was still drying as this issue went to press—just so happens to have an expiration date of January 2025, right after
