Understanding the Debt Limit

Chris Higgins
YouTube / YouTube

After an extremely brief pause for the inauguration and some celebration, the United States Debt Limit is back in the news. Yet again, a Washington showdown looms in which Congress battles the President over...what? Something about money, clearly. But are we talking about a Fiscal Cliff, a Debtpocalypse, or a Taxmageddon here? Actually, it's just a detail of fiscal policy that makes for great TV.

In this brief (and admirably nonpartisan) video, C. G. P. Grey explains: What is the Debt Limit? And related sub-questions I'll add in, like "Why does this crazy situation exist?" and "Why is the nightly news so depressing and enraging?" Learn, and then write your Congressperson requesting that we stop hitting ourselves: