Lots of sound and fury on US debt, but not a crisis — yet

By JOSH BOAK
Associated Press

WASHINGTON (AP) — For all the sound and fury about raising the nation’s debt limit, most economists say federal borrowing is not at a crisis point. At least, not yet. The national debt is nonetheless at the core of a dispute about how to raise the government’s legal borrowing authority. That issue could come to a head this summer if the government runs out of accounting maneuvers to keep paying its bills. The political jousting masks a tough reality: Today’s $31.4 trillion national debt does not appear to be a weight on the U.S. economy, but its path in the decades to come might put at risk national security and major programs such as Social Security and Medicare.