The debt ceiling is not like your family's credit card. Whoever is telling you this is either ignorant or trying to deceive you.
When Congress passes a budget, it is voting to spend more than it takes in. Itís been doing so (with one brief exception in the 1830s) since the earliest days of our republic.
It makes up the difference by issuing debt. People enthusiastically purchase this debt (treasury bonds) because it's the safest investment in the world. Or at least it was.
Last edited by Blart; 10-09-2013 at 09:34 AM..