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Increasing the debt limit allows the Treasury to borrow funds to pay for government obligations that have already been incurred as the result of laws and budgets approved by the President and Congress.
“This bill has been formed through constructive, bipartisan policymaking and includes important investments in our economy, but it falls short of being fiscally balanced," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences for both the federal government and the economy.
https://www.pgpf.org/analysis/2021/08/debt-ceiling-update-whats-at-stake
The PGPF chart pack illustrates that budget-making involves many competing priorities, limited resources, and complex issues.
Due to the COVID-19 pandemic and the resulting monetary policy response, short-term interest rates are currently near zero and longer-term rates are historically low.
https://www.pgpf.org/blog/2021/08/how-will-interest-rate-changes-affect-federal-debt-and-deficits
“Leaders from both parties have pledged to fully offset the cost of new spending, and voters want them to honor this commitment,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2021/07/fci-press-release
Modeled after the Consumer Confidence Index, the Fiscal Confidence Index is a national survey that measures public opinion about the national debt.
“It is encouraging that leaders in the U.S. Senate have reached an historic bipartisan agreement to invest in national infrastructure," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The national debt has risen dramatically over the past year.
https://www.pgpf.org/chart-archive/0322_debt_projection_next_year
The growing debt is caused by a structural mismatch between spending and revenues.