Ever since Congress created a federal debt limit, it has managed to raise it before U.S. borrowing reached the limit. For the first time, it looks as though that may not happen, and the government could conceivably default on its obligations. Today on Deconstructed, Jon Schwarz is joined by the economist Stephanie Kelton to talk about the history that brought us to this moment, why both political parties may take us over this ridiculous and dangerous brink together, and what it all means for now and the future.

If you’d like to support our work, go to theintercept.com/give, where your donation, no matter what the amount, makes a real difference.

And if you haven’t already, please subscribe to the show so you can hear it every week. And please go and leave us a rating or a review — it helps people find the show. If you want to give us additional feedback, email us at [email protected].

Hosted on Acast. See acast.com/privacy for more information.