Debt ceiling arguments have been taking place for quite some time now, and it’s no surprise that the President recently signed off on yet another huge increase in the debt ceiling. Remember the last time they raised the ceiling – all the stress involved that had curse words flying like wildfire between Harry Reid and Boehner? It seemed that the President and the Speaker couldn’t come to an agreement, yet Boehner had some strong words for those that got caught in the cross fire. (more…)
Posts Tagged ‘Debt Ceiling’
February 15th, 2014
June 20th, 2012
The debt ceiling is something that as a country we argue about, but we never seem to get anywhere with it.
It always amazes me how people believe that we as a country can overcome what the government has done within just a short period of time. There is no quick fix for such a disaster, and it puzzles me how so many people are blind to how this debt was created.
Just as we should each have a budget set forth for ourselves, so should the government, and it’s important that the government stick to it.
I want to share what the ceiling is, how we could avoid reaching it, and why it seems some things will never change.
What is Our Country’s Debt Ceiling?
As the economy has continued to go south one of the most commonly asked questions has been what is the debt ceiling in the US?
That is a great question, but no one seems to have a standard reply for that. If they do, no one seems to be aware! As a country we have continued to spend money that we don’t have thus resulting in the debt we have today.
However, Federal law does require that Congress be able to spend money when needed to pay for any programs that Congress has passed. Sound convoluted?
Yes, it is, and there is more where that came from!
The National Debt has grown and shrunk, but as we have watched over time no doubt the debt has hit that magic number over and over and most recently the past few years.
The sad part is that there are votes to raise it. Do you think that we need to raise our debt ceiling any further?
In May 2011, the debt limit for our nation was set as $14.21 trillion. Need I say more? (more…)