What Is the Government’s Borrowing Limit? The borrowing limit or debt ceiling is the maximum amount the U.S. government is allowed to borrow to meet its existing legal obligations. These obligations include Social Security and Medicare benefits, military salaries, interest on national debt, tax refunds, and other payments. Raising the debt ceiling doesn’t authorize new […]

…Just another Pork filled piece of legislation that everyone involved should be ashamed. The bill has the support of every House Democrat and every Republican House member from New York and New Jersey, but still needs five votes to pass the chamber, according to the Daily News. At first glance it seems unthinkable that this […]

Sure, But what about your paycheck? In an op/ed by Mitch McConnell for Yahoo News, the Senate Republican Leader said that “Earlier this week, I helped negotiate an imperfect solution aimed at avoiding the so-called “fiscal cliff.” If I had my way taxes would not have gone up on anyone, but the unavoidable fact was […]