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Debt Limit Default?


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Hoping someone can help me understand this better. Here's what I know:

US government spends more than it takes in. Has to borrow in order to do this. There is a law that limits how much debt the US government can incur. If this limit is reached, then the government must stop spending more than it takes in.

How exactly would that work? Who decides what spending continues and what spending stops? I hear the word default but does that actually mean defaulting on debt payments or can that mean something else?

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nobody knows, the law states the executive branch cannot pay borrow beyond a certain limit but also congress has passed other laws mandating the executive spend via bills that have been passed. It is the silliest dance in the world. 

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