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US faces a fiscal cliff: Crisis or farce?

The debate over whether the US debt ceiling needs to be raised will revive pernicious fears about fiscal deficits 

September 20, 2021 / 09:07 AM IST
US faces a fiscal cliff: Crisis or farce?

US President Joe Biden (Image: Associated Press)

Brace for the upcoming global headlines in the next few weeks: US likely to fall off the fiscal cliff, the US government runs out of money, the US government hits its debt ceiling, will the US government default on debt? Although the US has never really fallen off the cliff completely – or put bluntly, never defaulted on debt – the episode could nonetheless have important repercussions.  For instance, between December 2018 and January 2019, more than 300,0000 government employees...

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