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Could Washington Default?

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Could Washington Default?
U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington on July 28, 2022. Jonathan Ernst/Reuters
Milton Ezrati
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Commentary

Every few years, Washington approaches a debt ceiling limit, and worries about default multiply. Theoretically, default is possible, but practically speaking, it’s never a real possibility. Even in an extended government shutdown, Washington has resources that will allow it to meet principal and interest payments.

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Milton Ezrati
Milton Ezrati
Author
Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Before joining Vested, he served as chief market strategist and economist for Lord, Abbett & Co. He also writes frequently for City Journal and blogs regularly for Forbes. His latest book is “Thirty Tomorrows: The Next Three Decades of Globalization, Demographics, and How We Will Live.”
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