Marketplace has a new podcast for kids, "Million Bazillion!" EPISODE OUT NOW
BBC World Service

Debt ceiling debate goes down under

Phil Mercer Oct 23, 2013
HTML EMBED:
COPY
BBC World Service

Debt ceiling debate goes down under

Phil Mercer Oct 23, 2013
HTML EMBED:
COPY

While the debate over whether to raise the federal borrowing limit in the United States is over (at least until February), our Australian counterparts had a brief taste of it themselves. The newly elected conservative government needed to raise its limit on new borrowing — echoing the showdown that brought the U.S. to the brink of default last week.

But the Australians didn’t have the stomach to digest the rancor, government shutdowns, and apocalyptic apoplexy Americans experienced. The newly elected conservative government announced that it plans to increase the borrowing limit to almost $500 billion, citing the U.S. as a lesson in how stability and certainty is important for confidence.

Compared to the United States, Australia’s journey to raising the debt level has all been rather collegiate and friendly, says the BBC’s Phil Mercer.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.