Heard on the Hill

Heritage Foundation’s Boccia, Sargent call for fraud elimination, reform in Social Security, Medicare, Medicaid…

The debt limit is back — What now?

By Romina Boccia, contributor, and Michael Sargent

It’s back. The debt limit returned on Monday, March 16. And at $18.1 trillion, debt subject to the limit is roughly $1 trillion higher than when Congress temporarily suspended the limit on borrowing last year. The debt limit is the amount of debt that the Treasury may issue. In February 2014, the Treasury hit that limit: $17.2 trillion. When that happens, it serves as a wake-up call for elected officials. It tells them, in no uncertain terms, that fiscal policy is on the wrong path. Read more…

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