The Great Debt Debate

We can hardly watch the tv without hearing about the "Great Debt Ceiling Debate."  In true Congressional fashion, each side digs in its heels to the very last second (remember the Government Shutdown Debacle a few months ago?) 

Personally, I get the reasons for raising the debt ceiling.  But someone's math is seriously off.

Unless we raise the debt ceiling (which is the total amount of money the US can owe at one time) we are going to default on our loans.

Last time I checked "loans" were debt.

So, we need to be able to borrow more money to pay our loans?

Huh?

So, that's borrowing to borrow?

As someone who has proudly (mostly) paid off her debt, that just doesn't work. 

But as quick as we are to criticize the government, I'm reminded how many of us fall into that same trap.  We pay off our credit cards by refinancing our mortgage and then declare ourselves debt free.

Whether or not we raise the debt ceiling, I would suggest not following the government's example on budgeting.  Maybe we should make Financial Peace University mandatory for the President & Congress...right after being a US Citizen.