The current level of the debt and near-term borrowing needs reflect spending and revenue choices that have already been approved by the current and previous Congresses and Administrations of both political parties. Failing to raise the debt limit would require the federal government to delay or renege on payments for obligations already entered into.
Especially this second objective seems to have gained in importance given our turbulent times and the intellectual uncertainty they have provoked. Consequently, we are happy to look back on a long line of very distinguished speakers – including, of course, Mark Carney, but also Alan Greenspan, Jean-Claude Trichet, Tommaso Padoa-Schioppa, Ben Bernanke, Mario Draghi and Dominique Strauss-Kahn. 3.