Archive for the ‘Economy’ Category
For the past few weeks Congress has been very publicly going back and forth with President Barack Obama regarding the debt ceiling. I decided it’s time for us to explore this issue a little further. First, according to CNN Money, “it’s a cap set by Congress on the amount of debt the federal government can legally borrow. The cap applies to debt owed to the public (i.e., anyone who buys U.S. bonds) plus debt owed to federal government trust funds such as those for Social Security and Medicare.
From the way Congress is carrying on, quite naturally I became alarmed that President Obama must be proposing some monstrosity, the likes of which had never been seen in the history of organized government. Well fasten your seat belts because you are not going to believe what I learned. Continue reading more