Every night -- sometimes late into the night -- worried men and women are talking about how to handle their debts. Those people would be your Congressmen.
If Congress doesn't raise the debt ceiling by August 2, the United States could default on its debt for the first time in history, according to the Treasury.
The debate about raising the debt limit — which has been increased nearly 100 times including its most recent jump in February — has been exceptionally shrill.
Lost in the debate have been several key facts. The U.S. debt, measured as a percentage of gross domestic product, isn't particularly out of line with most developed nations. The bond market, which should be most worried about the U.S. debt burden, doesn't seem concerned at all about the U.S. debt load.
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