Debt debate cheat sheet
Billboard featuring U.S. debt clock on July 11, 2011.
July 25th, 2011
03:50 PM ET
11 years ago

Debt debate cheat sheet

Washington (CNN) - Where are we with the debt debate? After a weekend of no agreement, here's your simple guide to the plans in play right now, even as the playing field changes rapidly:

Key figures

$14.29 trillion - current debt limit. That's also nearly the value of the European Union's gross domestic product - or everything produced in the EU - last year.

August 2 - the date when the federal government is forecast to hit the debt limit and see all new loans cut off. Falls during "Simplify Your Life Week." Really.


Filed under: Debt • Deficit
soundoff (12 Responses)
  1. Joseph-Ohio

    When will the the crazy people in Washington realize this is not a party issue??!!!!!!!!! THIS IS AN AMERICAN ISSUE!!...."THE RICH" need to get back to paying their 'FAIR SHARE OF TAXES" and the government needs a swift kick of spending responsibility. It makes me sick every time I hear a Republican whine about higher taxes. We had higher tazes in the 90's and things were good. News flash.....if lower taXes did not create jobs while Gw was in office What make you think they will now??..STUPID POLITICS!........Paris Hilton and other "Rich People" like her do nothing to add jobs to the economy, but they continue to live on lower tax dollars and my father whom has been in the hospital for over 6 months is about to be thrown out of his house.....THIS IS THE NOT AMERICAN I AM SUPPOSED TO BE LIVING IN!!!!!!!!!!!!.....THERE IS NO WINNING SIDE TO THIS ISSUE.........DEAL WITH IT PEOPLE!!!! STOP THE FOOLISH SPENDING! RAISE NEEDED TAXES!

    July 25, 2011 04:17 pm at 4:17 pm |
  2. Anonymous

    Where have all the STATESMEN gone?

    July 25, 2011 04:17 pm at 4:17 pm |
  3. Rudy NYC

    I wonder who (plural) stands to benefit the most from a default. You know that someone out there has already connived a way to make a profit. If interest rates go up, who stands to gain the most from the higher interest rates?

    July 25, 2011 04:24 pm at 4:24 pm |
  4. Democrat Class Warfare & Race Baiting - Destroying the economy, destroying the country

    Can we please rename "The National Debt Clock" to "The Democrat Party China Charge Card"??? Obama and the Democrats NEVER leave home without it!! Thanks to them they will need to rework this display to fit $100 TRILLION, which is where they want to take the country.

    July 25, 2011 04:25 pm at 4:25 pm |
  5. Anonymous

    As Mitch McConnell said, it's all about limiting Obama to one term. Everything else is secondary. The economy, jobs, you. All that matters is getting this guy out in 2012.

    So until someone, anyone other than Ed Schultz starts talking about this, it's all just blah, blah, blah...

    July 25, 2011 04:26 pm at 4:26 pm |
  6. Ranzabar

    As Mitch McConnell said, it's all about limiting Obama to one term. Everything else is secondary. The economy, jobs, you. All that matters is getting this guy out in 2012.

    So until someone, anyone other than Ed Schultz starts talking about this, it's all just blah, blah, blah...

    July 25, 2011 04:26 pm at 4:26 pm |
  7. Rudy NYC

    If 2% of the people earn 50% of the income, that does not mean that same 2% should pay only 2% of the taxes. Fair share means that if they earn 50% of the income, then they should pay 50% of the taxes.

    I would like to remind everyone that it has been Republicans who have fought tooth and nail to keep bills that would close loopholes that encourages companies to send manufacturing overseas. Those tax breaks amount to corporate welfare, which costs us a lot more than tax dollars paid to those companies. They cost us jobs.

    July 25, 2011 04:28 pm at 4:28 pm |
  8. SayWhat

    The GOP somehow does not realize that the stakes in this game of chicken they are playing with the future of the American economy iincludes the continued existence of their party. If they let the economy go into free fall iin their irresponsible quest to retake the white house at all costs, the American public will not sit back and take a second hit in the stock market and their 401ks. Somebody on th GOP Ship of Fools had better step up and grab the helm, and fast.

    July 25, 2011 04:30 pm at 4:30 pm |
  9. Dave J

    Progressive taxation is not inherently wrong, but taken too far it’s socialist income redistribution, which is legalized theft. Asking one minority group to shoulder the burden almost exclusively is discrimination and unethical. Those blessed financially have an obligation to help others, but when the top 40% pay almost all the taxes, isn’t that enough?

    July 25, 2011 04:31 pm at 4:31 pm |
  10. Annie, Atlanta

    Has anyone else noticed that Republicans can't govern? What exactly has come out of the house in the last 6 months?

    Anonymous – they've all been bought off with corporate money or have left because they could no longer stomach what DC has turned into, a cesspool of self interest groups that have no interest in the good of the country.

    July 25, 2011 04:32 pm at 4:32 pm |
  11. Four and The Door

    Maybe I am missing something here so can someone please fill me in. Why is House Speaker saying we need to keep the big tax breaks for the rich so they can create jobs when we have a 9.1 unemployment rate? Shouldn't the rich be creating jobs and hiring these people?
    Think about this, Steve. The government gets paid their taxes first. That's the way it works. You do not have a choice of paying taxes or not. But you do have a choice about hiring someone. Hiring someone costs money too. If the taxes take your money first, less is left over to hire people. It really is just that simple. Even if there is a threat of taxes going up, less people will get hired because what are you going to do, fire them later to pay taxes? Then unemployment costs go up. Hiring someone takes a lot of confidence that a business has plenty of money to make payroll. Obama trying to get taxes raised does nothing for helping business owners be confident about their tax costs next year or the year after. They have no choice but to play it safe and keep payroll costs down.

    July 25, 2011 04:33 pm at 4:33 pm |
  12. Annie, Atlanta

    Joseph – Ohio, I am so sorry about your Dad. This should not be happening, while we see a 30% increase in rich families using private planes to fly their kids to summer camps this year instead of driving them because they're doing so well, thanks in part to people like your Dad, and you and me. This makes me so incredibly sad.

    July 25, 2011 04:35 pm at 4:35 pm |