As the United States heads toward running out of cash in a few weeks, here's a reminder how this happened:

* The law says what tax rates are, determining revenue.
* Each year laws are enacted that direct money to be spent a certain way.
* Existing debt has to be serviced (e.g. bonds).
* An older law limits national debt.
* Republicans drove up the debt during the Trump Admin (tax cuts, airline bailouts, etc) so that the limit is about to be reached.

The laws are logically incompatible.

@GovTrack which is why the #DebtCeiling bs. needs to be #abolished since no other nation does this and it's not as if the Government can nilly-willy spend more or less than what the legislators enacted.

Or the world needs to stop lending money to the #USA until they #AbolishDebtCeiling for good...
https://www.youtube.com/watch?v=KIbkoop4AYE

The Debt Limit Explained

Blog: Don't Read The News https://cgpgrey.substack.com/p/why-tv-news-is-a-waste-of-human-effort* http://www.youtube.com/watch?v=YVJXRq7IfgQ&list=PLc5PfsIwcLC...

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