Video breakdown: the debt ceiling explained

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You’ve probably here’s plenty of talking points about the debt ceiling over the years… but talking points don’t always tell you what you need to know. What exactly is the debt ceiling? Why do we have one? And how should we address it? Let’s break it down.

Ultimately, this topic boils down to what the government does best: spending money. The government pays for its spending with revenue – aka the money it brings in, typically through taxes. And while you might feel like you pay a lot in taxes, the government also spends a lot. More, actually, than we pay. This leaves the government with a deficit. How does the government deal with a deficit? It borrows money to make up the difference – promising to pay it back later. Add up all of these accumulated deficits, and you’ve got what we lovingly refer to as the …

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