Predictably, the political strategy of crying "Default! Default! Default!" succeeded spectacularly, just as it does every time. In fact, it worked so well that this time Congress decided to not even set a new ceiling. Instead, the deal authorizes federal officials to spend and borrow to their heart's content for the next two years — beyond Election Day 2024, of course.
The people who will pay the price for this deal will be American taxpayers. If you happen to die before the day of reckoning arrives, you'll escape having to bear the consequences of what these people have done. But if you're alive when that day of reckoning comes, you will be one of the ones reaping the whirlwind.
Right now, each taxpayer's share of the federal government's $31 trillion in debt is around $275,000. It will be increasing over the next couple of years. How many people list that liability on their financial statements? I'll bet not very many. And yet, there it is — and growing.