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Debt Ceiling
Posted on 6/30/11 at 12:40 pm
Posted on 6/30/11 at 12:40 pm
Could someone explain the debt ceiling controversey going on in Congress in simple terminology?
4
Posted on 6/30/11 at 12:49 pm to chuckitdeep
theoretically the debt ceiling is in place to put a limit on spending. Once this limit is reached, the treasury can not borrow any money to make up for the lack of money coming in.
Since we spend more than we make, the country would default on our loans.
Since we spend more than we make, the country would default on our loans.
Posted on 6/30/11 at 12:50 pm to chuckitdeep
In simple terms, Congress has passed a law limiting the total amount that the Government can borrow. (Similar to the amount you're allowed to charge on your credit card.)
The Government is now approaching that limit ("maxing out the card", so to speak) so Congress is debating whether to increase the limit (like a bank may increase your credit line).
Some in Congress are arguing that we don't need to borrow any more $$$, but need to seriously cut spending. Others argue that if we don't increase the ceiling, we won't be able to pay the bills which are coming due.
Come on over to the Poli Board for more good discussion on this topic.
The Government is now approaching that limit ("maxing out the card", so to speak) so Congress is debating whether to increase the limit (like a bank may increase your credit line).
Some in Congress are arguing that we don't need to borrow any more $$$, but need to seriously cut spending. Others argue that if we don't increase the ceiling, we won't be able to pay the bills which are coming due.
Come on over to the Poli Board for more good discussion on this topic.
Posted on 6/30/11 at 1:13 pm to chuckitdeep
The US debt ceiling is over $14 trillion. Some people are worried we won't be able to pay our bills without borrowing more money. If we borrow more money, we would have to raise the debt ceiling higher than its current absurd maximum. I think the amount increase rumored was around $2.5 trillion, pushing the ceiling around $17 trillion.
At least that's how I understand it.
At least that's how I understand it.
Posted on 6/30/11 at 2:56 pm to chuckitdeep
Its not a financial battle, its a political battle and its disgusting. Politicians are the fricking worst ever.
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