The US Debt Ceiling Crisis Explained

With the debt limit deadline approaching, Biden and McCarthy are close to agreeing a deal to once again raise the ceiling and avoid a global financial catastrophe. So what exactly is the debt ceiling? And is this all just a dumb game of political chicken?

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00:00 Introduction
01:18 History of the Debt Ceiling
02:36 The Debt Ceiling Today
05:12 Should the US Get Rid of it?

[m.sutton]

Denmark does have a debt ceiling, however the difference is whereas the US raise it incrementally over time, Denmark has just made an absurdly high debt ceiling that they're unlikely to reach unless well, they really do have a problem with their debt.

[Doso]

Germany has a debt limit. It's not a fixed Euro amount but is bound to the GDP.

[blair]

The American government cannot function without this drama every few years. It's part of the political culture.

[dylreesYT]

There's a debt ceiling in Denmark. It's just so high that it will practically never be reached.

[socialistrepublicofvietnam]

When you try to be a tax haven, the largest military spender, and the biggest economy in the world, all at the same time:

[barrosluco]

Imagine calling the today's GOP "fiscally conservative"...

[J_X]

What's the point in even having debt if they just raise the debt ceiling everytime? Who's going to make the US pay for their debt? It's almost like it's not a real thing.

[gwyneth]

It's like they found a timebomb and figured out they can hold a building full of people hostage by constantly arguing about whether or not they should hit the snooze button instead of disarming it

[guilfordstancill]

Americans are tired of hearing about this. Our legislators are clowns who mostly only care about themselves.

[lawsonthepunmaster]

1:00
As an American, the debt ceiling is used for one thing, politics, neither side wants to get rid of it because it’s something we can use as leverage against the other side. I agree we should get rid of it but I know we won’t.

[WhtAbtBob]

The irony of Republicans caring about responsibe spending.

[kieranben]

It will just be raised again like always. The politics really don’t mater

[Phoenix-in-flight]

You can't really call Republicans fiscally conservative when Trump accrued 25% of that total debt. Tax the rich.

[EminemHitman]

Imagine if something like this was on a channel just for US, like TLDR US

[Davi-xmjd]

as a US citizen, it's so maddening to have our government argue about whether or not they want to pay the bills, because average citizens cannot just decide they don't want to pay their bills. especially when it's a small group of people who want to hold everyone hostage because they didn't get their way when they negotiated the budget in the first place!

[susanhillwig]

Just signed up for Nebula and found this video on there. Incredibly informative! Thanks for posting it in YouTube as well so I can share it around.

[captainsmartass]

US national debt, 1960: $286 billion
US national debt, 2023: $31.4 trillion

Are US roads better?
Are US streets safer?
How about healthcare?
Is it easier to raise a family in the US?
Did THEY improve the US schools?

If not, then what the hell did they do with that $31, 124, 000, 000, 000?

[napoleonibonaparte]

If all else fails, mint the coin Joseph.

[bicker]

This video is wildly biased. Maybe consider presenting the other viewpoint: the US debt is ridiculous, and removing the only mechanism in place to force a conversation about it is irresponsible. Instead, the budget and debt ceiling conversations just need to be partnered.

[boarfaceswinejaw]

good ol republicans. they never miss a chance to hold their country as a hostage.