On May 9, 2023, Congress will meet to discuss the debt ceiling. The debt ceiling is the maximum amount of money that the United States government is authorized to borrow. When the government reaches the debt ceiling, it cannot borrow any more money to pay its bills. This can have a number of negative consequences for the economy, including:
A decline in the value of the dollar, which makes imports more expensive and hurts American consumers
Higher interest rates, which make it more expensive for businesses to borrow money and invest
A decrease in economic growth, which leads to job losses and lower wages
The average American would feel the effects of a debt ceiling crisis in a number of ways. They would pay more for goods and services, their investments would lose value, and they would be more likely to lose their jobs.
The debt ceiling is a complex issue, but it is one that is important for all Americans to understand. The next time Congress is debating the debt ceiling, it is important for Americans to make their voices heard and demand that Congress raise the debt ceiling to avoid a crisis.
Here are some additional things to know about the debt ceiling:
The debt ceiling is set by Congress, and it has been raised or suspended 80 times since 1960.
The debt ceiling is not a law, but it is a rule that Congress has imposed on itself.
The debt ceiling is not a limit on how much money the government can spend, but it is a limit on how much money the government can borrow.
The debt ceiling is not a limit on how much debt the government can have, but it is a limit on how much debt the government can add to its existing debt.
The debt ceiling is a controversial issue, and there are a number of different opinions on how to deal with it. Some people believe that the debt ceiling should be abolished, while others believe that it is an important tool for Congress to use to control government spending. Ultimately, it is up to Congress to decide how to deal with the debt ceiling.
Here are some things that you can do to make your voice heard on the debt ceiling:
Contact your elected representatives and let them know that you support raising the debt ceiling.
Attend a town hall meeting or other event where you can speak out about the debt ceiling.
Sign a petition or join a campaign to raise awareness about the debt ceiling.
The debt ceiling is an important issue that affects all Americans. By making your voice heard, you can help to ensure that Congress takes action to avoid a crisis.