There is much debate right now as to whether or not the debt ceiling should be raised this summer. The debt ceiling is basically the limit that the federal government is legally able to borrow to pay its expenses. Proponents say that if it is not raised it will be disastrous to our economy while opponents say that if it is raised without spending limitations it will be disastrous to our economy. The current debt ceiling is set at $ 14.294 trillion. The ceiling was reached last month.
This issue has become a political football. The Republicans in Congress have vowed not to agree to raise the debt ceiling unless the increase is accompanied by a significant spending reduction. Speaker Boehner has said the decrease must be in the trillions of dollars. Since the Republicans control the House of Representatives, Obama and the Democrats must deal with them. They are no longer able to ram legislation through like they did with Obamacare.