Gov. Shutdown?

[sanantone]

Granted. However, it is unwise to avoid capping the debt ceiling where it stands, as Congress has determined it, in order to begin eliminating debt versus creating more.

It doesn't work that way. Not raising the debt ceiling does not make our debt disappear or allow us to borrow more. The easiest way to put it is that the debt ceiling is a credit card that is used to pay our debts; it does not create debt. The debt is created by the appropriations bills that are passed. If we do not raise the credit limit (debt ceiling), we will not have enough money to make payments on the debts we already have. This means we will default, our credit rating will take a hit, and the government and everyone in the country will pay higher interest rates on everything. The value of the dollar would also drop. Since the U.S. dollar is the world's standard currency and people and governments hold so much of our debt, us defaulting could cause a global depression.