The US Debt Ceiling Makes No Sense: Opinion

The video discusses the US debt ceiling, its history, and its significance. Created in 1917, the debt ceiling limits the amount of bonds the government can issue. It does not authorize new spending but allows borrowing to meet existing obligations. The video explains the potential economic impacts of reaching the debt limit, including market instability and increased taxpayer costs. It highlights the risks of using the debt ceiling as a political tool, citing past consequences like credit rating downgrades. The video suggests that most Americans support a clean increase or abolishment of the debt ceiling to avoid economic disruption.

What is the author's stance on the use of the debt ceiling as a bargaining chip?

Why do most countries not have a debt ceiling, according to the text?