Treasury Secretary Janet Yellen is sounding the alarm that the U.S. may reach the debt ceiling as soon as tomorrow. Yellen assures that the government will take “extraordinary measures” that should stave off a financial meltdown for now, but only Congress can solve the debt limit dilemma. Key players in the new Republican majority in the House of Representatives have not been shy about their eagerness to use the debt ceiling as a political cudgel, setting up a high-stakes showdown on Capitol Hill in the coming months. In the meantime, a global economy still reeling from high inflation and geopolitical crises hangs in the balance.
George Washington University faculty experts are available to discuss the debt ceiling crisis from multiple angles.
Casey Burgat is the director of the legislative affairs program at GW’s Graduate School of Political Management. Dr. Burgat can explain the central role of Congress in the matter, shed light on the political maneuvering involving the debt ceiling on Capitol Hill, and look back at how previous debt limit standoffs played out.
Joseph Cordes is a professor of economics, public policy and public administration, and international affairs at GW. Dr. Cordes is an expert on the federal budget who can discuss the purpose of the debt ceiling and spell out the possible consequences of the U.S. defaulting on its loan commitments.