Nobel economist Paul Krugman says the possibility of a US default is very real, and the debt ceiling should be abolished as it gives extremists an issue to 'weaponize'
The US could be inching closer to default, and the debt ceiling should be abolished, according to Nobel laureate Paul Krugman.
"The possibility that the federal government will soon be unable to finance its normal operations has become very real," he warned in anBut the state of America's finances isn't as bad as other countries who have defaulted on their debt, like Greece in 2009, Krugman said. "If it happens, it will be because Republicans in the House are trying to use the debt ceiling to extort policy concessions they would have no chance of enacting through the normal legislative process," he added.
Building on previous columns, he further detailed the merits of backdoor measures the Biden administration could take to avoid default.to deposit at the Federal Reserve, and another is issuing premium bonds, which are debt securities that are sold for higher than face value. In effect, both measures would allow the government to borrow more, even if lawmakers fail to lift the debt ceiling.
That comes as the deadline for the US defaulting on its debt ticks closer, with Treasury Secretary Janet Yellen estimating that
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