Did you know that the Debt Ceiling limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments?
Did you know that the Debt Ceiling does does not authorize new spending commitments,it simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past?
Did you know that failing to increase the Debt Ceiling would have catastrophic economic consequences?
Did you know that if the the government did not raise the Debt Ceiling that it would cause the United States to default on its legal obligations?
Did you know that Congress has always acted when called upon to raise the debt limit. Since 1960,?
Did you know that Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents?
In the coming weeks, Congress must act to increase the debt limit. Congressional leaders in both parties have recognized that this is necessary. Recently, however, a number of myths about this issue have begun to surface.
Now if you didn't know, now you know...
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