Ok. Unless you have been hiding under a rock, or hit in the head with a rock, or dating a rock (or The Rock), you know by now that the government has until August 2, 2011 to raise the debt ceiling before the world explodes. I'm just being overdramatic, but you know what EVERYONE else is. The Republicans, the Democrats, the news, even the usually chillaxed President. There's talk of depression and meltdown and shutdown, and we the normal people of these United States are left confused. Well here, let me break it down for ya.
In order for this country to keep spending money, we need money, and oh yeah...we don't really have any. We have a budget of how much money we would like to spend, but we bring in hardly that much so we do what every other American does. Bust out the credit card. We borrow. We print out tons of cash, issue bonds, and promise we'll pay it back. Whenever we borrow too much, we just raise our own limit of spending. Billions. Trillions of dollars.
America has done this for years. Raised our limit. Fight wars. Raise the limit. Lower taxes. Raise the limit. Buy a taco. Raise the limit. It's routine. Every President did it, more than once (that's what she said). But now, we are in a pickle.
Just like you, once you go past your limit on a credit card, you can't really buy more. Well, the US is about to go past their limit, and so they want to raise the debt they can spend on. But, something happened. This time, some people said no. Now, every other time people said no, but the President brushed them aside and got it raised anyways, months before crisis or fear of default set in. But, this time, "No" was not only an option, but a theme that would be persistant up until it pushed this country, OUR country onto the brink of bouncing it's credit card.
Party Politics will have more information later on what's going on now in Washington DC, and we also apologize for being gone too long. Google refused to pay us, so we took a break and we legally can't say we went on strike, but we did go bowling if ya catch our drift ;) It's good to be back.
Emmanuel Delfin
Editor-at-Large