The article discusses the U.S. government's continual overspending leading to debt accumulation. It highlights the crucial role Congress plays in raising or suspending the debt limit to prevent financial crises. Shai Akabas, an expert at the Bipartisan Policy Center, has focused on predicting the 'X-Date', when the U.S. could default on its debts if no actions are taken. The episode provides insight into the historical context of this issue and updates listeners on the approaching X-Date, emphasizing its potential global economic impacts.
Every year, the U.S. government spends more money than it takes in, leading to a need to increase the national debt limit to avoid severe economic consequences.
Shai Akabas, an expert at the Bipartisan Policy Center, calculates the exact date, the X-Date, when America may be unable to meet its financial obligations.
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