Washington D.C. - In a move that has left economists scratching their heads and politicians scrambling for answers, President Biden has signed a law that turns the debt ceiling into the debt floor. The move is being hailed as a stroke of genius by some, while others are calling it a complete disaster.
The new law essentially means that the government can now borrow as much money as it wants, without any limit whatsoever. This is a major departure from the previous policy, which set a cap on the amount of money that the government could borrow.
According to sources close to the President, the move was made in order to avert a historic defaulto disastero. Apparently, the government was on the verge of defaulting on its debt obligations, which would have sent shockwaves through the global economy.
However, critics are saying that the move is short-sighted and irresponsible. "This is like giving a credit card to a teenager and telling them they can spend as much as they want," said one Republican congressman. "It's a recipe for disaster."
Supporters of the new law argue that it will allow the government to invest in important infrastructure projects and create jobs. "We need to invest in our future, and this new law will allow us to do just that," said one Democratic senator.
But others are worried that the government will simply use the new law to rack up even more debt. "This is like a person who is already in debt going out and getting another credit card," said one economist. "It's just going to make the problem worse."
Only time will tell if the new law will be a success or a failure. But for now, one thing is clear: the debt ceiling is no more, and the debt floor is here to stay.
