On raising the debt ceiling
No it's not the same as personal debt like the meme so many like to repeat, "We need to live within our family budget and so should the government".
And even if it was like this then this meme completely ignores that the vast majority of households hold much more debt than assets. Family budgets do not, for the most part, balance.
Federal Reserve’s Powell Warns About Failure to Raise Debt Ceiling
Economic shock from U.S. being unable to pay its bills ‘not something we need right now’
Federal Reserve governor Jerome Powell warned the nation’s elected leaders that a failure to raise the government’s borrowing limit could bring real pain to the economy, in a television interview where he also stressed his belief the Fed has time to decide when to next raise interest rates.
Failing to raise the debt ceiling would mean the U.S. government wouldn’t be able to pay all its bills, and that “would be unprecedented and that could be…a major shock to the economy,” Mr. Powell said in an interview with CNBC on Friday on the sidelines of the Federal Reserve Bank of Kansas City’s annual research conference in Jackson Hole, Wyo.
https://www.wsj.com/amp/articles/federal-reserves-powell-warns-about-failure-to-raise-debt-ceiling-1503692242
