The debt limit explained

President Joe Biden and House Speaker Kevin McCarthy will meet face to face Monday after a weekend of on-again, off-again negotiations over raising the nation's debt ceiling and mere days before the government could reach a “hard deadline” and run out of cash to pay its bills.

Here's a look at the debt limit and why these negotiations are happening.

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[jonbe]

that's the american way - paying debt (bonds) with more debt (increasing the debt ceiling)

[catonpillow]

We witness the exact same circus every other year. With the exact same outcome each time - extending the Ponzi scheme by kicking the can down the road. A downward spiral with an obvious end.

[danielfarmer]

And Republicans are using the most childish analogies.

[turnerwright]

Lol, whoever edited the labels on that graph needs a scolding.

[Art--Deco]

*According to the AP chart, The debt ceiling was a really contentious issue in 1060 A.D.*
You have no idea how much the US owed the world in the Middle Ages, especially when the Muslims came on horseback to collect during their busy raids. Even the Benedictine Monks were buying bonds and looking to cash out. The Normans, The Turks, Berbers, The Persians, even Vikings. Everyone. They even halted arguing religious doctrine in Constantinople to get in on the US bond market. Those 900 year yields must have looked really enticing, they weren't too worried about the debt ceiling then, I'm sure.

[edgartokman]

"McCarthy fails to discuss to the debt limit crisis. The 2017 Trump tax cuts that delivered 80% of it's benefits to corporations and the richest Americans has cost the government $1.7 trillion in lost revenue. If the Bush tax cuts, which also primarily benefited rhe rich, are factored in, $10 trillion has been added to government debt. Without Republican tax cuts that primarily accrued to the richest Americans, today's debt crisis would not exist. In a very real sense, our national debt has been used to finance the economic gains of the rich. Both political parties need to engage in serious dialogue regarding government debt, but the refusal of the Republican Party to increase the debt limit needs to be recognized for what it is ---an unconscionable extortion that places the prosperity of all Americans at risk perpetrated by ignorant, self-serving political hacks ." --Robert D. Russell

[charlesbrightman]

NOTE: The 14th Amendment applies to the USA whether President Biden says so or not. That is how the US Constitution works.

[charlesbrightman]

ECONOMIC INFLATION:
The way I see it is that regardless of the currency utilized (gold, silver, fiat, crypto, etc), economic inflation is still economic inflation. ANY economic inflation over previous economic inflation, overtime, eventually becomes exponential economic inflation. If an entities' wages, benefits and investments do not keep up with the true cost of inflation, then the entity falls behind in buying power and becomes poorer. A nation will eventually fail as will a global economy will eventually fail with ever increasing economic inflation because most people do not have wages, benefits and investments that keep up with the true cost of inflation. Math is still math.

[hueman]

Yes, our life is at risk true, but remember the life we have now its all part of some advance intelligent beings GAME. Remember our life is at RISK if we all WAKE UP dont just agree and blindly comply, we all need to UNITE together and STOP THE CORRUPT.

[ExcelMixMaster]

Purdue university nice video but how about turning the volume up so we can actually hear what she says at the end?

[goodboyringo]

It was ok for the GOP and Trump to spend more than the last 3 presidents combined .

[rjdankert]

Congress authorizes incurring payment responsibility, but does not authorize actual

[jessejamez]

Wonder how much LESS debt we'd have if we reduced price gouging by mil contractors alone.