Changes

==Debt Ceiling==

==Debt Ceiling==

The debt ceiling is a limit imposed on the [[United States Department of the Treasury|Treasury]] by [[Congress]]. The Treasury may not issue debt in excess of this amount to fund government operations. As of the beginning of May 2011, the debt ceiling is $14.294 trillion and was last raised on February 12, 2010.<ref>"H. J. Res. 45:

The debt ceiling is a limit imposed on the [[United States Department of the Treasury|Treasury]] by [[Congress]]. The Treasury may not issue debt in excess of this amount to fund government operations. As of the beginning of May 2011, the debt ceiling is $14.294 trillion and was last raised on February 12, 2010.<ref>"H. J. Res. 45:

Statutory Pay-As-You-Go Act of 2010" http://www.govtrack.us/congress/bill.xpd?bill=hj111-45</ref> It is not certain what would happen if the national debt reaches the debt ceiling without action by Congress. [[Liberal]] politicians and pundits, including Treasury Secretary [[Timothy Geithner]], claim that government would default on its obligations, causing global financial markets to collapse. Many financial market experts and [[conservatives]], especially [[TEA Party|TEA Partiers]] opposed to raising the debt ceiling, see no evidence that a default would occur in such a situation.<ref>Hurlbut, Terry A. "Debt Ceiling Reached, Sky Does Not Fall." May 16, 2011. Conservative News and Views. http://www.conservativenewsandviews.com/2011/05/16/news/debt-ceiling-reached-sky-does-not-fall/</ref> In 1983, when Congress was debating whether to raise the debt ceiling, [[Ronald Reagan]] said:

Statutory Pay-As-You-Go Act of 2010" http://www.govtrack.us/congress/bill.xpd?bill=hj111-45</ref> Raising the debt ceiling is not the same thing as spending more money, since spending is dictated by the Federal Budget, but it does allow the Federal Government to meet any existing financial obligations. It is not certain what would happen if the national debt reaches the debt ceiling without action by Congress. [[Liberal]] politicians and pundits, including Treasury Secretary [[Timothy Geithner]], claim that government would default on its obligations, causing global financial markets to collapse. Many financial market experts and [[conservatives]], especially [[TEA Party|TEA Partiers]] opposed to raising the debt ceiling, see no evidence that a default would occur in such a situation.<ref>Hurlbut, Terry A. "Debt Ceiling Reached, Sky Does Not Fall." May 16, 2011. Conservative News and Views. http://www.conservativenewsandviews.com/2011/05/16/news/debt-ceiling-reached-sky-does-not-fall/</ref> In 1983, when Congress was debating whether to raise the debt ceiling, [[Ronald Reagan]] said:

<blockquote>“The full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.”<ref>"Ronald Reagan on Raising the Debt Ceiling." May 17, 2011. http://www.thepresidentialcandidates.us/ronald-reagan-on-raising-the-debt-ceiling/1520/</ref></blockquote>

<blockquote>“The full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.”<ref>"Ronald Reagan on Raising the Debt Ceiling." May 17, 2011. http://www.thepresidentialcandidates.us/ronald-reagan-on-raising-the-debt-ceiling/1520/</ref></blockquote>