when it will start to become impossible to pay all the bills. in a letter to rebel can speaker of the house government rv, secretary alan wrote failure to meet the governments obligations could cause irreparable harm to the u.s. economy, the livelihoods of all americans, and global financial stability. indeed, in the past, even threats that the u.s. government might fail to meet its obligations have caused real harm s, including the only credit rating downgrade in the history of our nation in 2011. increasing or suspending the debt limit does not authorize new spending commitments or cost taxpayers money. it is simply allowing the government to finance existing legal obligations that congresses and presidents of both parties have made in the past. the united states is the single biggest purchase group of goods and services in the entire world. the near threat of the world s largest pushes are of goods and services defaulting on its payment obligations carries global implications. and t
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