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June 27, 2023

United States
What Happens When the U.S. Hits Its Debt Ceiling?

U.S. lawmakers have increasingly used the debt ceiling to re-litigate congressional spending, risking default and sparking debate over whether to abolish the ceiling.

An exterior view of the Capitol dome with storm clouds in the background.
Backgrounder by Noah Berman Renewing America

July 12, 2023

United States
Two Takes on U.S. Debt and the Debt Ceiling

Economists Benn Steil and Glenn Hubbard give their respective takes on the debt ceiling and the United States' national debt.

U.S. President Joe Biden holds debt limit talks with House Speaker McCarthy at the White House in Washington.
Blog Post by Benn Steil and Glenn Hubbard Renewing America

April 4, 2023

Economics
Renewing America Series: The Debt Ceiling Fight and the Future U.S. Debt Picture

As the battle over raising the U.S. debt ceiling continues to take shape, former Treasury Secretary Jack Lew and former Senator Rob Portman discuss the politics surrounding the coming fight, the poss…

Play A U.S. Senate Republican staffer sets up a visual aid ahead of a news conference about the debt ceiling held by Senators Rand Paul (R-KY), Mike Lee (R-UT), Rick Scott (R-FL) and Ron Johnson (R-WI), among others, at the U.S. Capitol building in Washington, U.S., January 25, 2023.
Virtual Event by Jacob Lew, Robert J. Portman, and Kayla Tausche Renewing America

June 27, 2023

China
CFR Fellows' Book Launch Series: Sovereign Funds: How the Communist Party of China Finances Its Global Ambitions by Zongyuan Zoe Liu

One of the keys to China’s global rise has been its strategy of deploying sovereign wealth on behalf of state power. Since President Xi Jinping took office in 2013, China has doubled down on financia…

Play Tanzanian women holding red Chinese flags at Dar es Salaam.
Virtual Event by Zongyuan Zoe Liu and Shannon K. O'Neil CFR Fellows' Book Launch

May 3, 2023

Economics
Getting Debt Restructuring Terms Right

State contingent instruments can play a role in debt restructuring agreements, but they shouldn’t be a give-away to investors.  There is a compelling case for their use in Zambia—but not in Sri Lanka…

Andrea Shalal moderates an IMF roundtable on tackling public debt with Ceyla Pazarbasioglu, Director, Strategy, Policy and Review Department IMF, Felix Nkulukusa, Secretary to the Treasury, Zambia, Marco Buti, Head of Cabinet of European Commission and Pierre-Olivier Gourinchas, Director and Economic Counsellor, Research Department, IMF, during IMF Spring Meetings at the International Monetary Fund Building in Washington, U.S.
Blog Post by Brad W. Setser Follow the Money