One of the biggest debates facing the 112th Congress is whether or not the Debt Ceiling should be raised.
In order to form an opinion on the issue, you must first understand it. I assume most of you do, but if you don't, here's a brief definition:
The "debt ceiling" is the maximum amount of debt that a government can take on. In order to spend past this ceiling, Congress must agree to raise it. The purpose of the debt ceiling is to try to limit out-of-control spending.
Clearly raising the debt ceiling only delays the inevitable - we must get spending under control. However, if the ceiling is not raised, we will default on our obligations.
Please comment with your thoughts on how we should handle this dilemma. In the meantime, here's more info on the topic:
1. Debt Ceiling overview. [Wikipedia]
2. Chart: The History of the US Debt Ceiling. [The New York Times]
3. Obama aide: Debt limit fight could be "catastrophic". [Reuters]
4. GOP itches for battle over debt. [New York Post]
5. Should Congress raise the U.S. Debt Ceiling? [US News & World Report]
6. The coming 'insanity' over the debt limit. [The Washington Post]
7. Lindsey Graham threatens to hold Debt Ceiling vote hostage for Regressive Social Security Cuts. [ThinkProgress]
8. Has America already Defaulted? [The New York Sun]