Debt Blame, Shame, Game
Tonight the Senate is set to vote on a continuing resolution — legislation that will authorize the government to keep spending money. But this truce between Democrats and Republicans doesn’t address where that money will come from. Thanks to the country’s huge budget deficit, Uncle Sam spends more than it brings in. So the government needs to borrow money to pay its bills. And the debt ceiling sets the maximum amount of cash the U.S. can take out on loan. The country is on pace to hit that limit in October, unless Congress acts. As we’ve mentioned before, first we’ll need to go through the political theater, where one party insists the other is being irresponsible.