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procon

(15,805 posts)

3. The quick answer is

Reply to fadedrose (Original post)

Tue Oct 15, 2013, 09:01 PM

Oct 2013

Every year the govt gets a budget and a portion is allocated towards paying off the existing bills. When it reaches the amount allowed (that's the ceiling) the govt can no longer legally spend money until a new budget is signed and funds are once again available to continue paying the bills.

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Things I don't understand about the debt ceiling [View all] fadedrose Oct 2013 OP

It is a ceilng in that it was the highest amount that the Government can borrow... Agnosticsherbet Oct 2013 #1

Why is there not a term to say when payment is due? fadedrose Oct 2013 #2

Payments come due all the time, and there are hundres of thousands, perhaps several milion distnct Agnosticsherbet Oct 2013 #4

You just touched a nerve.... fadedrose Oct 2013 #7

The debt ceiling law should be repealed and the word burried under a stack of obsolete dictionaries. Agnosticsherbet Oct 2013 #8

Atta boy!!!! fadedrose Oct 2013 #10

The quick answer is procon Oct 2013 #3

To the average yokel fadedrose Oct 2013 #5

"Spending Limit" sounds nicer fadedrose Oct 2013 #11

Think of it as a line of credit Gman Oct 2013 #6

I would like.. fadedrose Oct 2013 #9

Today it's nothing but a political football. Uncle Joe Oct 2013 #12

Thank you for the information fadedrose Oct 2013 #13

The Republicans are only in it for power, they have never been about a balanced budget it's Uncle Joe Oct 2013 #14