The debt ceiling is not a wall that separates two rooms of opposite floors. It is, in fact, a national limit set on how much debt we as a country can get ourselves into.
Yes, there is a limit on how much debt our country can get into, and, yes, we have passed it and so it's been raised. This is where the debate comes in about how we could raise a limit when it's already set so high.
As of right now, the country is in a lot of debt. To write out the exact amount of debt would be far too depressing, so to put it simply, America has one of the highest national debts in the world.
Let me paint this picture for you: about 50 percent of the things we pay for in this country are paid for with borrowed money. This is a terrible situation because it only digs us deeper into the never-ending national debt hole we are currently in.
In early 2011, the U.S. reached its debt ceiling of $14.3 trillion dollars and I do not need an economics degree to tell you that’s a lot of money. After this, there was an argument to raise the debt ceiling another $2.4 trillion, which might not seem like much compared to how much debt we are in; however, it is enough to keep the fiery debt ceiling debate fueled.
By Taylor DePola
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