The US could default on June 1 owing to gridlock over the debt limit; Biden vs Trump polls are close
- Written by Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne
The United States debt limit is a legislative limit on the overall debt the US government can incur. As the US keeps running budget deficits, the debt keeps increasing. Congress could deal with this permanently by either repealing the debt limit, or increasing it to a very large number.
But instead, Congress has only increased the debt limit...
