GovTrack.us on Nostr: The fiscal crisis came about because of a paradox between three parts of law: federal ...

The fiscal crisis came about because of a paradox between three parts of law: federal spending levels set by law have increased (see Trump COVID relief), revenue from enacted tax laws have not kept pace (see Trump tax cuts), and the resultant increase in national debt was projected to imminently reach the statutory debt limit, a law originally enacted in 1917. Existing law also prohibits the printing of money to bridge fiscal gaps. ...