When you issue new debt to pay off existing debt by raising the debt limit (as the US does), you are essentially threatening to not pay loans you've already taken, analogous to using a credit card you've spent and then refusing to pay it off
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Speaker
David MalpassEvidence Quote
“you're basically threatening not to pay loans you've already taken that's right the credit card that you need to pay off”
Source
Fix the global debt crisis before it's too late, warns World Bank's David Malpass— GZERO MediaCreated: 8/12/2026, 6:44:21 PM
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