Economists say expectations that the Treasury Department will enact "extraordinary" cash management measures this week to avoid defaulting on the $31.4 trillion statutory debt limit later this year should serve as a warning to lawmakers that the federal government is spending too much.
Congress created the debt ceiling in 1917 to give the government greater borrowing flexibility. To raise that ceiling, an increase must be approved to make sure the country can meet its debt obligation and won't go into default.
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