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In reply to the discussion: The validity of the public debt of the U.S.....shall not be questioned (14th Amendment) [View all]louis c
(8,652 posts)9. The debt ceiling increases are for all past spending.
Revenue is not always consistent. If congress passes spending bills, or has to finance bills passed years ago, and revenue declines, a deficit ensues. That deficit may not be anticipated.
For instance, if the unemployment rate tops 10%, that reduces revenue because fewer people are paying taxes. Yet spending automatically increases, because more individuals are on unemployment and other safety net programs. None of that can be anticipated, yet all those bills must be paid.
After all, it's in the Constitution.
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