re: Debt Ceiling

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.