Partisan politics bring U.S. to brink of default [Report & Reckon]

Report & Reckon is a regular feature in which Phil takes a top story, breaks it down, and proceeds to opine on the subject. “Report, Reckon & Reply” is too much of a mouthful, but it’s expected that you add your two cents in the comments.

On Monday night, Barack Obama delivers this message: "I'm dealing with a bunch of f***in' children."

Over the past month, the debate in Washington over raising the federal debt ceiling has come to a treacherous impasse. President Obama, House Speaker John Boehner, and prominent members of Congress currently feature in a political drama that may end up with the American audience paying more than the price of admission.

Correct Me If I’m Wrong

Main source: “What exactly is the debt ceiling?“-  Al-Jazeera

The debt limit is a concept put in place by Congress at the end of the Great Depression. It allows the United States Treasury to “issue debt” or essentially borrow money under a certain cap. Constitutionally, only Congress can authorize the Treasury to borrow money to fund operations.  Since 1962, Congress has raised this debt ceiling 72 times. The current limit is at about $14.3 trillion.