Confused About The Debt Limit? Watch This Simple Video Explanation
Earlier today, Republicans in the United States House of Representatives announced their intention to vote on a bill that will raise the federal governmentís debt limit until the middle of May. If the measure passes, it will likely force the Senate into creating its first budget in four years, which will alter the balance of power. At least thatís the theory, but like everything else related to the debt limit, itís a jumbled, complicated mess thatís really difficult to understand.
Luckily, the fine gentlemen over at CGPGrey have a firm grasp on whatís going on, and theyíve created a handy video to simplistically outline exactly why we have a debt ceiling and why itís important. Go ahead and take a look at the enlightening footage belowÖ
This is exactly why I love CGPGrey. They offer about 90% facts, 10% snark without ever talking down to anyone. They just lay it all out there and donít take a side politically, unless, of course, itís to take a side against politics itself.
Despite the inherent goofiness of the debt ceiling, itís highly unlikely it will ever completely go away. Itís just way too good of a dividing line that can be used as a political weapon. Luckily, if you familiarize yourself with the basic principles, youíll be able to weed through the bullshit and sees the situation for what it is.