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Debt Ceiling And You

by: Rebel - Havertown, PA
started: 07/28/11 9:45 am | updated: 07/28/11 9:45 am

The possibility that the current $14.3 trillion debt ceiling won't be increased - and the country won't be able to pay all its bills come next week - seems very possible.

The Obama administration says that not raising the debt ceiling, the amount the federal government can legally borrow, could lead to financial collapse here and abroad.
How it may affect you:

If you're a government employee, you might not get paid. If you're a vacationer planning a trip to a national park, you might have to change your plans.

If the debt ceiling isn't raised, the government won't be bankrupt. It will still be taking in revenues. They can prioritize bills and pay their top ones.

Some call this a self-imposed crisis. It's not that the U.S. can't pay its bills. It won't pay its bills.

Know anyone like that? ------------------------------------------------------------------------------------------------------
The major difference between the Democratic and Republican plans to reduce the deficit is timing. The Democrats' proposal would raise the debt ceiling for about 17 months so the issue wouldn't arise again until after the 2012 election.

The Republican plan would extend it for six months, making it a major election issue.

If the debt ceiling isn't raised, the government won't be bankrupt. It will still be taking in revenues. Currently revenues cover about 60 percent of the country's total expenses.

They can prioritize bills and pay their top ones.

Some call this a self-imposed crisis. It's not that the U.S. can't pay its bills. It won't pay its bills.

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