America’s Secret Plan for the Debt Ceiling

By Lowell Ponte

Sometime this October, the federal government is going to run out of money. It will be unable to borrow more until Congress agrees to raise the debt ceiling, a vote that some Republicans want to use to shrink the government. If lawmakers cannot resolve the debt ceiling issue, then the government may employ what Bloomberg News on July 14 called a “once-secret plan written by the Obama administration that would lead to the first-ever default on U.S. debt.” “Bond traders are worried that [President] Donald Trump’s Treasury secretary may have to use it,” reported Bloomberg. [more...]