Photo by razorbeam / Shutterstock.com
In recent years –and again in the past few weeks — we’ve heard a lot about Congress members wrangling among themselves over increasing the so-called “debt limit.” But although the chatter has been nonstop, do you really understand what the debt limit is?
This video by CGP Grey explains the nuts and bolts of the debt limit, and why it has become such a bone of contention in our nation’s capital — and beyond.
You’ll learn why the arguments between Congress and the White House often amount to the “government version of the playground favorite ‘stop hitting yourself.'” And you’ll also discover a fundamental misperception about the debt limit: That it is about future spending.
What’s your take on the debt limit fight? Share your thoughts by commenting below or on our Facebook page.