Federal Debt Ceiling Debate
Without getting political about the whole debt ceiling debate now going on between the president and congress, there is one thing I find interesting. When the Federal government reaches it maximum spending limit, which is the similar to the credit limit we all have on our credit cards, they can choose to just default(not raise the debt ceiling) or they can just raise the limit own their own and then have the ability to spend more.
When the average citizen reaches the limit on their credit cards, they get their spending privileges revoked, their credit score lowered, they get harassed by debt collectors calling at home and work around the clock, and then they get sued...Try calling Capital One after they have lowered your credit limit and asking them to raise it back. LOL.
I think it would be funny if the same thing happened the our legislators. Chinese debt collectors calling about the debt we have with them could start harassing our politicians with menacing phone calls and other debt collection tactics.
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