The Debt Limit Explained
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The debt limit is kind of a financial weapon of mass destruction chained to the UnitedStates government by the United States government.Confused? Then it's time for The United States debt limit Explained.To understand the debt limit you need to know the US splits financial responsibility betweenthe president and congress.The president has two jobs when it comes to money:1. Collect taxes and... 2. Spend those taxes to run the government.This might give you the impression that the president, with regards to money, is all-powerful.Especially when you hear news reports on 'the president's new budget' or his plan to 'raisetaxes on haberdashers' or 'lower taxes on apiarists'.But reality is just the opposit...
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The debt limit is kind of a financial weapon of mass destruction chained to the UnitedStates government by the United States government.Confused? Then it's time for The United States debt limit Explained.To understand the debt limit you need to know the US splits financial responsibility betweenthe president and congress.The president has two jobs when it comes to money:1. Collect taxes and... 2. Spend those taxes to run the government.This might give you the impression that the president, with regards to money, is all-powerful.Especially when you hear news reports on 'the president's new budget' or his plan to 'raisetaxes on haberdashers' or 'lower taxes on apiarists'.But reality is just the opposit...
