If the debt ceiling is basically available credit, does the government need to pay this before requesting more credit? Why or why not?
Please no political answers.
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People want to buy US debt so much that they are lending to the government at 4-5%. Since inflation is running closer to 7% in much of the world that means they will actually end up getting back less than they lent in inflation adjusted terms. So people are effectively paying the US to lend it money.
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