The U.S. Treasury Department just announced that it is set to maintain elevated sales of long-term debt to finance the government’s widening budget deficit, with new issuance projected to top $1 trillion for a second-straight year. The debt ceiling will just rise to accommodate it.
Per Wikipedia, “as of December 31, 2018, debt held by the public was $16.1 trillion and intra-governmental holdings were $5.87 trillion, for a total or “National Debt” of $21.97 trillion. Debt held by the public was approximately 76.4% of GDP in Q3 2018…The Congressional Budget Office forecast in April 2018 that the ratio will rise to nearly 100% by 2028, perhaps higher if current policies are extended beyond their scheduled expiration date.”
In this music video, downloaded more than half a million times on YouTube, Remy comedy raps about the debt ceiling.