How the debt ceiling became a game of political chicken that continues to threaten our economy

US President Joe Biden shakes hands as he presents a copy of his speech to House Speaker Kevin McCarthy of Calif., before he delivers his State of the Union address to a joint session of Congress, on February 7, 2023 in the House Chamber of the U.S. Capitol in Washington, DC.

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• Congress originally created the debt ceiling to control military spending.
• Since the 1990s, Democrats and Republicans have leveraged the risk of a debt default to control the budget.