Why Are We Raising the Debt Ceiling?

WE HAVE GOT TO STOP MEETING LIKE THIS: WHY ARE WE RAISING THE DEBT CEILING? A DRINK LIMIT AT A PARTY PREVENTS DANGEROUS DRIVING AND A DEBT LIMIT PREVENTS AN UNHEALTHY ECONOMY. SO WHY THEN IN THE LAST 10 YEARS HAVE WE RAISED THE DEBT CEILING 13 TIMES AND ADDED ON MORE THAN $10 TRILLION IN DEBT? GOOD QUESTION. IN LIGHT OF ANOTHER LOOMING DEBT CEILING INCREASE WE TAKE A LOOK AT WHY WE'RE ALWAYS RAISING THE ROOF, WHEN THE PARTY HAS ALREADY GOTTEN OUT OF CONTROL. YEARLY DEFICIT DEBT LIMIT COMPARED TO NATIONAL DEBT (PAST AND PROJECTED) (IN TRILLIONS) $895B $25.00 $24.00 $23.00 $22.00 $21.00 $20.00 $642B $19.00 $18.00 $17.00 DEBT LIMIT SUSPENDED $16.00 li $15.00 $14.00 $13.00 $542B $12.00 SI1,00 $10.50 $459B $9.00 $8.00 $378B $7.00 5/27/2003 (FY2003) 7/30/2008 (FY2008) 2/12/2010 (FY2010) 2/4/2013 EY2013) FY 2023 FY2017 FY2021 FY2003 FY2008 FY2013 FY2018 FY2023 DEBT LIMIT I NATIONAL DEBT TAX REVENUE PER FISCAL YEAR INTEREST OUTSTANDING ON THE NATIONAL DEBT (IN TRILLIONS) (IN BILLIONS) $318 $451 $223 $497 $823 2003 $2.16 2008 $2.98 2013 $2.81 2018 $3.94 2023 $4.96 FY2003 FY2008 FY2013 FY2017 FY2023 66% 73% of Americans believe the of Americans believe that if government should cut Congress raises the debt spending. ceiling, then Congress should also cut spending. BANKRUPTINGAMERICA Sources Congressional Research Senrvice // US. Department of Treasury// office of Management and Budget// Congressional Budget Office // The Public Notice. National Survey April 14-17 %24 %24