Debt Ceiling Limit Pushed Off Again
Written by Lindsey Burnworth
Last updated on May 21, 2013 @ 9:50AM
Created on May 20, 2013 @ 5:40PM
Another debt ceiling limit deadline has come and gone, and once again, lawmakers have put off raising it.
The treasury department has rearranged about $300 billion to give the government more time to make a decision about raising the limit.
Political experts said we should be worried because if the government doesn't raise the limit, we could go into another recession.
That's because if we don't raise the limit, we can't borrow.
If we can't borrow money, there won't be any economic growth.
"The economy will go into a recession, I imagine, if we don't raise the debt limit and we default on our debts. So, how it'll effect us is that we'll see more unemployment, so it'll be harder to get a job. It won't be an immediate effect, but it'll be kind of a sustained and continuous effect if we don't raise the debt ceiling," said Dr. Patrick Hickey, a political science professor at WVU.
On the one hand, President Obama said the limit should be raised, but Congressional Republicans aren't ready to do that just yet.
However, political experts said that could cost them their seats in the legislature in the next elections.
If the debt ceiling doesn't get raised, and we do go into a recession, it could lead to a jump in unemployment, but political scientists said we shouldn't worry too much about that until it actually happens.
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