The Fight to Raise the Debt Ceiling

The Dispatch Podcast

The Dispatch

News, Politics

4.6 • 3.3K Ratings

🗓️ 24 September 2021

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today's episode, Brian Riedl, senior fellow at the Manhattan Institute, joins Sarah and Steve as Congress debates lifting America’s borrowing cap. Will Democrats and Republicans come to an agreement to lift the debt limit? Are we heading toward another government shutdown? Is anyone in Washington concerned about our ballooning national debt? Show Notes: -The Morning Dispatch looks at Biden’s make or break week -Riedl’s piece from earlier this summer “Trillions and Trillions” Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Dispatch Podcast.
0:02.1	I'm your host, Sarah Isger joined by Steve Hayes.
0:05.2	And this week we are talking to Brian Riedel.
0:08.3	He is a senior fellow at the Manhattan Institute, the former chief economist for Senator Portman,
0:13.9	former fellow at Heritage.
0:16.4	He did a budget and spending for four presidential campaigns, but perhaps most importantly, next
0:22.4	week he has his chart book coming out as he describes it, Nerd Utopia.
0:27.8	It's 118 pages of charts of budget, taxes, spending, and deficit.
0:32.8	I mean, really, if you've been looking forward to anything all year, surely it is this.
0:53.1	Let's dive right in.
0:54.4	Brian?
0:55.4	We're going to start big here.
0:58.9	What is the debt ceiling?
1:01.4	Hey, Sarah, thanks for having me here.
1:04.2	The debt ceiling is the total limit of how much debt the government can hold at a given
1:10.3	moment.
1:11.9	And back in the day, 100 years ago, they would raise the debt ceiling every time they passed
1:16.8	a bill.
1:18.5	And starting in World War II, they decided to just raise it to a certain amount that you
1:22.4	hit the debt ceiling every couple of years.
1:25.6	Well right now, because we're running a $3 trillion deficit this year, we're about to hit
1:31.9	the limit on how much money the government can be indebted at a certain point.
	...

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