Wednesday, June 15, 2011

Three-Fifths of American's Don't Understand Debt Ceiling

Washington D.C. - In a survey of 10,000 Americans this week, 61 percent, roughly three out of five, of respondents believe that the debt ceiling is the roof of the United States Department of Treasury building. The debt ceiling has been in the news a lot lately, as Congress debates raising the debt limit, allowing the United States to borrow money and repay outstanding borrowing debts. 
The debt ceiling was hit in May, meaning that the United States is unable to borrow more money. Congress has been trying to reach an agreement of spending cuts and tax increases to offset any increase in the debt ceiling. The survey, however, asked respondents to define the debt ceiling.

One respondent stated, “It’s a triangle roof made of marble in Washington”.

Another stated, “It’s got a pretty mural of cherubs and dollar signs”.

The debt ceiling is not actually a physical entity. Instead, it is a numeric value of debt that United States can carry without having to increase the level through Congressional means. It has been increased several times in the past forty years with minimal discourse. The recent financial situation in the US has created a dangerous situation between Republicans and Democrats over increasing the debt limit.

The survey gives the impression that Americans aren’t more concerned about raising the debt ceiling because they think it’s a remodeling project and not a financial implement that funds the economy.

Annabel Lee is a freelance journalist for the Baltimore Fake Times Journal. She spent a weekend in college raising a barn. It later fell on her foot.

No comments:

Post a Comment