It is important to note that there is no specific threshold for when a debt-to-GDP ratio becomes problematic. For instance, one of the Euro convergence criteria is that the public debt-to-GDP ratio should be below 60%. The global debt-to-GDP ratio is around 95%, while that of the US stands at over 120%, and Japan’s surpasses 250%. Similarly, the 3% fiscal deficit benchmark, while not sacrosanct, has long been accepted as a norm by many academics and policymakers. The President and Congress appear to have lost the earlier commitment to fiscal consolidation.