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I watched some news programs last Sunday trying to understand the debt ceiling. As usual,much finger pointing to the other side.
From what I understand, if the debt ceiling isn't increased there will be no money to pay debts. If it is increased the government can borrow money to pay it's debts. What I do not understand is where this borrowed money would come from? From or who would the government borrow money or do they just make more? Steal more? ah-hem...I mean take from peter to pay Paul. I thought peter was broke too.
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