Why does the Debt Ceiling need to be raised?

It's what REpublicans do .... NORMALLY.

They raised it SEVEN TIMES during the Bush Administration.

But now - - - well - - - there's a BLACK MAN in the WHITE HOUSE!!!

LOL ...

@Summertime not really trying to get into a debate here... Yes bush raised the debt limit 7 times during his tenure, the federal debt went from 3.3 trillion to 6.3 trillion. So yes Bush effectively doubled the debt. The difference being that it happened over the course of 8 years in office. Obama has increased the debt from 7.5 trilllion to 14.294 trillion in 3 years. Not a good track record so far.

As far as why it must be raised? The public debt doesn't have to be raised technically. If the gov defaults then interest and inflation rates will rise. If inflation rises its a good thing for the gov because it means the public debt is worth less compared to gdp. However when interest rates also rise, it affects the amount the gov must pay back therefore causing more debt by itself. In a perfect scenario the higher inflation would cancel out the higher interest rate, making both a mute point. The trouble lies in the interest/inflation rate everyone else pays. It will affect everyone else who might buy a loaf of bread or a new car when they try to pay with money that is worth less and they have to pay more of it.

11 times by Reagan and 7 by Bush and the reason is we will not be able to pay off creditors and confidence in solvency in the US might be considered Grecian ! If the situation of long term debt isn't fairly answered bu cutting and increasing revenue the check book will not be balanced. This country has become a business close to chapter 11.

All the government credit cards are maxed out. They can't pay their rent, utilities, OR their credit card bills. Thus they need to GET ANOTHER CREDIT CARD to pay the bills.

Makes a lot of sense, doesn't it?

Why did it need to be raised 18 times by Reagan and 7 times by Bush?

@Mike i merely asked the same question.Id love to know the real answer.is this what you're explaining to me Mike?

If so thank you.

You be the judge but it doesn't

http://island-adv.com/2011/07/is-the-debt-ceiling-...

maybe the usda can look into it

http://island-adv.com/Topics/government-abuse/

This is the bipartisan policy center that makes sense

http://www.christianpost.com/news/will-the-u-s-fac...

Its all part of the big plan.

see animation.

http://youtu.be/T0f08wkcKQc

So the demoncrats can buy their corvette.

It doesn't.