Option 1: Link action on the debt limit to the budget resolution
- This option would minimize potential market disruptions by shifting the timing of the debate so that it occurs before debt nears the limit
Option 2: Provide the administration with the authority to increase the debt limit, subject to a congressional motion of disapproval
- This option would reduce the likelihood of market disruption by changing the results of a lack of congressional action from a potential default to a debt limit increase, while preserving Congress’s ability to manage the trajectory of federal debt
Option 3: Delegate broad authority to the administration to borrow as necessary to fund enacted laws
- This option would remove the dangers that accompany the fear of a U.S. default, by ensuring the Treasury has the authority to borrow to fund previously authorized spending
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