What happens when there's no debt limit
Congress Is Giving Obama a Blank Check
Remember all those debt limit fights? Well, apparently Congress got tired of fighting. So now they’re working toward doing away with the debt limit altogether.
In recent years, conservatives fought to get at least some spending cuts, to begin putting the budget on a path to balance—after all, raising the debt ceiling means Congress has spent too much. Cutting spending before increasing the debt limit is necessary if Congress is to exercise
some control over the debt.
But not this year. No one put up a fight this time—so Congress is essentially handing President Obama a blank check for the entire year.
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