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Fear of Debt Ceiling Deadline Looms With Possible Shutdown
Written by Your 5News Team
Last updated on September 28, 2013 @ 11:46PM
Created on September 27, 2013 @ 6:51PM

The clock may be ticking closer for what could be the first government shutdown since 1995, but every October, it also ticks for another issue our national government has dealt with for nearly 100 years: the debt ceiling.

Set at a whopping $16.9 trillion, we now owe over $1 trillion more debt than what our economy is actually worth.

"It really is a big issue. The filibuster was a waste of time, and they need to stop arguing and work together," said Danielle Harms, WVU student.

"It's important and definitely something we need to hear about," said Lara Schad, WVU student.

Since 1940, the government has approved nearly 80 increases. Some permanent, and some were temporary. The most notable time when the government didn't raise it was when the Balanced Budget Act was passed back in the 1990's.

Between 1997 and 2001, the debt ceiling remained the same. Since then, he government has raised the debt ceiling 13 times.

The most was when the financial crisis first hit. What's the hold up this time? The never-ending fight over repealing Obamacare.

Republicans in the House are trying everything they can do to put off funds for Obamacare until it's eventually repealed.

Some of you say it's time for Congress to stop the arguing, and work for the American people.

"You can't argue in government. You need to work together and compromise," said Margaret Perri, Spelter resident.

No one knows what the results would be if a debt ceiling deal failed because it's never happened before, but officials believe no good will come from it.

One thing they do know: the U.S. Treasury won't be able to borrow more money, so that could cause the government to default on its loans and bonds, which could send the booming stock market plunging once again, especially if it lasts more than just a couple of days.

It could also have a negative impact on economic growth on a national level

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