Quoting Ole' No Name:" <blockquote><b>Quoting ILOVEWINE:</b>" <blockquote><b>Quoting The Doctor:</b>" ... [snip!] ... boiled down."</blockquote> And raising the debt ceiling."</blockquote> What does that mean exactly?"
If you have a credit card you should be familiar with your credit limit. That is kinda like our "debt ceiling." Congress has been approving increases in it for decades. More recently getting the increase passed has been MUCH more controversial and heated as the adults in the room are trying to reduce spending and so we wont keep hitting the ceiling.
IF we do hit the debt ceiling, we cannot borrow more money and the tax money that comes in can only be spent on the big priorities.
Obama is asking for tax increases, more spending and an unlimited ability to raise the debt ceiling.
SOME repiblicans have agreed to SOME tax increases as a symbolic gesture as the tax revenue wont help as it will be so small.