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> 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:

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: