If you haven't bothered to notice whats going on in the papers, on the webs and on the tvs recently, Ezra Klein lays it right out: The Debt Ceiling Explained.
What might fill you with rage is the fact that it has never not been raised. Ever. So why all the bullshit about it this time. It is literally inconceivable to not raise it. Seems like it must be a showy excuse for something else eh? Deficit reduction despite a recession? Bueller?
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