(adsbygoogle = window.adsbygoogle || []).push({}); I wrote this without any help. Strictly my words.


The US government has a strict limit on how much money it can be in debt. This is called the debt ceiling. Once the debt ceiling is reached, the government/President can no longer borrow money from other entities (other countries and governments). President Obama has spent so much money already, the US is about to reach its debt ceiling.

Obama wants Congress to raise the debt ceiling so his government can borrow more money. Obama states that if the debt ceiling is not raised, the US government may not be able to pay Social Security, the military, and other government employees due to lack of funds.

However, I believe what Obama is saying is misleading. The US government receives plenty of money from tax revenue every month. This money is more than enough to cover Social Security, military, and other such expenses. The US government is obligated by law to pay these debts 1st and foremost before other government programs receive money.

Many people in the country, especially conservatives, do not want Congress to raise the debt ceiling. These people are tired of the government spending and want Obama and future Presidents to cut back on spending. Next week on Tuesday, Congress will vote on whether or not to raise the debt ceiling.

Some economists feel that if the debt ceiling is not raised, the US government will default on some of its foreign debts, which would cause the US credit rating to fall...thereby reducing the value of the dollar. I do not believe this scenario will occur. The US is the only country in the world that can print as much money as it wants to and pay off its debts. This is because the US dollar is the top currency used across the world.

However, the US needs to be careful not to print too much money or it'll become worthless like the Mexican Peso. The real danger is government spending. Government spending needs to come down or we might one day be in serious economic trouble. But the debt ceiling vote next week won't cause disastrous economic consequences regardless of the vote in my opinion. The US government has plenty of money for years to come.

Very nice and detailed, Didn't understand a whole lot about 'efault' but now I do, thanks.

Raise the debt ceiling, so we can go more in debt, so that when we default later it will be even worse. Sounds like a great plan America. :y: Why do it today if you can wait till tomorrow?

Obama fucked the us over he said he could bring change the only kind of change he brought was this [ATTACH=CONFIG]10466[/ATTACH]

I might just start my crack dealing again. Things changed /:

This is the reason why so many people are in debt as we speak. It's as simple as, if you don't have the money, don't spend it. :y:

Can you please explain what would happen if the debt gets so of hand? Like what would happen if the government can't solve the problem? I honestly don't know but I would like to.

Peso is not worthless.... 12 pesos is $1. Zimbabwe currency is worthless

That is worthless compared to what they used to be.

They can't just print money randomly. There are regulations on the money. No country can just go and print money and spend it. This issue is more complex than it truly appears. Obama didn't really think his time in office clearly.