The nation’s next big budget battle is shaping up over the debt ceiling. Earlier this week, the ratings agency Standard & Poor’s changed its outlook for U.S. government debt from stable to negative. And when it did, it added new urgency to the debate. The U.S. has a current debt limit of $14.3 trillion. Economists predict that number will be reached in mid-May. The White House wants Congress to increase the limit immediately. But that support may come with a high price tag. House Majority Leader Eric Cantor says Republicans want to see serious reforms. We look at the political debate over raising the debt ceiling and its economic repercussions.
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