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Old 07-14-2011, 06:50 PM
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Default Explain Debt Ceiling Please

I'll just be honest - I don't fully understand the deal with the debt ceiling so I need help. I keep hearing that the US will default on loans if we don't raise the debt ceiling. Since my debt is limited to a credit card and mortgage default to me just means failing to follow payment terms. So how is we raise out debt ceiling does that stop default? We won't be able to borrow from one lender to pay another? I guess I don't understand why after 3 weeks of talks on raising the debt ceiling they haven't found ways to cut enough fat from spending to come up with the money to pay whatever is at risk of default.
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