We just survived another debt ceiling crisis. Whew! The media told us this time was different; there was a real chance the government would default on paying its debts. After all, the players were now crazy enough to let it happen.
But a deal was passed, extending the ceiling to early in 2025. I spoke to Prof. Frances E. Lee of Princeton about the history of debt limit crises—are we really in unprecedented territory? She lays out patterns of behavior to look for in 2025, and gives us perhaps an antidote to the frenzy.

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