Debt Ceiling Blues

Back to the Big Bad Debt Ceiling Debate. Ah the debt limit, in place since 1917, has been raised multiple times, 7 times under President Bush, 3, so far, under President Obama, and 18 times under President Reagan! Doesn’t sound like the Tea Parties would approve!

Most economists agree that we must raise the debt limit or risk getting a lower credit rating. Times are so bad that the USA is having trouble with creditors! Obama sure wants to raise it but didn’t want to raise it in 2006 when he was in Congress. He calls that “a political vote”.  You can get a great overview of the whole debate here. Now of course the House and the Senate have dueling bills. Three days left. Let’s see who caves in.  Or, will it be 50/50? Or will Obama step in? Stay tuned, true believers!