Question of the Week: Do you support raising the nation's debt ceiling without further spending cuts?Posted by Randy | June 01, 2011
Last night, with a bipartisan vote of 97 - 318, the House of Representatives rejected the Administration’s request to raise the nation’s debt ceiling above the current $14.3 trillion limit by another $2.4 trillion. The debt ceiling is a cap set by Congress on the amount of debt the federal government can legally borrow. The federal government reached its current debt ceiling limit of $14.3 trillion on May 16 of this year. Treasury Secretary Timothy Geithner has indicated that he can keep the country out of default until August 2, at which point he will need to begin prioritizing payments made on the United States’ outstanding financial obligations.
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