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If the debt ceiling is not raised, will the U.S. default on its current debt?
With all of this going on you hear a lot of people panicking about a default or a credit down grade. If the ceiling is not raised will the government just stop paying federal employees and other entitlements to use that money to pay current debt holders?
4 Answers
- Dan TLv 510 years ago
The Debt ceiling is how much a Nation is permitted to borrow.
So no, they just can't issue any more bonds, and would be forced to only spend the money they make in taxes.
(n) debt limit, debt ceiling (the maximum borrowing power of a governmental entity)
- Anonymous10 years ago
Yes - I guess so. It depends on how long this goes on before the republicans come to their senses, but we'll be unable to pay federal employees and pay interest on loans. It can be a real disaster. Let's hope you can stay out of the bread line.
Don't vote republican.
- 10 years ago
We will not default, it will force the government to reduce spending....that's a good thing
vote republican!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
