Explaining the Debt Ceiling Debate
July 29, 2011
© Odyssey Networks
Both chambers of Congress are slated to vote today on a debt ceiling deal that would cut deficits by at least $2.1 trillion over the next 10 years, but does not include any tax hikes. Howard Rosen, visiting fellow at the Peterson Institute for International Economics, explains that raising the debt ceiling is really just a technicality — it's been done 80 times since 1960, and is necessary to allow the country to meet its financial obligations. But, he goes on to say, Congressional leaders seized on the debate to force a discussion on what our spending priorities should be, and the role our government should play in society.