Raising the Debt Ceiling Will Be Washington’s Next Big Fight

Already $28.5 trillion in debt, raising the debt ceiling is necessary but could be very burdensome.

For 55 of the last 59 years, the federal government has spent more money than the revenue it has raised. The resulting annual deficit was financed by selling long-term bonds, usually with 10 or 20 year maturities. Since there is no plan in place to ever pay this…