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It's interesting that there's no legal consequences, for the politicians, to raise the debt ceiling. Is this the same in other countries as well?
by an4rchy 7y ago
It's interesting that there's no legal consequences, for the politicians, to raise the debt ceiling.
Is this the same in other countries as well?
- Someone 7y agoAre there other countries with a US-like debt ceiling? Australia had one between 2007 and 2013 (https://en.wikipedia.org/wiki/Australian_government_debt#Debt_ceiling https://en.wikipedia.org/wiki/Australian_government_debt#Deb...) and the EU stability and growth pact (https://en.m.wikipedia.org/wiki/Stability_and_Growth_Pact https://en.m.wikipedia.org/wiki/Stability_and_Growth_Pact) limits debt to 60% of GDP, but its measures are a lot drastic than what the US does, and its limit was softened in 2005 (https://en.wikipedia.org/wiki/Stability_and_Growth_Pact#Reform_2005 https://en.wikipedia.org/wiki/Stability_and_Growth_Pact#Refo...)