ranjan

Debt ceiling is an artifact of pre-second World war fiscal policy. It is the total amount of money which a Govt. is authorised to borrow to meet its legal obligations. Debt is not necessarily indicator of weak economy. Almost every year, Govt. spends more than it collects in taxes, that is deficit. To make up the difference, it borrrows money, which accumulates overtime. That's the Debt. It has generally been an unpopular concept in the country's politics.  Deficit spending and the national debt go back to the founding of Republic. Big increases in recent years have come besides spending to combat COVID and on wars presently on between the countries but also to cover rising medical cost of aging population and to fund all other social services provided by the Govt. from highway construction, providing free ration, gas, electricity houses etc.The major contributor to debt is, of course, interest on debt with almost 75% of debt is owned by foreign or domestic investors.  Rising d