Obama faces off with GOP over debt ceiling





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Published on Jul 15, 2011

The US is fast approaching its $14.3 trillion debt ceiling. If it is not raised by August 2nd, the US will no longer be able to borrow money.

Despite dire warnings from the treasury secretary and president, Republican lawmakers are not in a hurry to reach a bargain.

Most Americans agree with Republicans that the debt ceiling should not be raised.

But much of the spending has already been promised. If the US government defaults on its obligations, its AAA credit rating could be at risk.

The value of the dollar is already dropping. What would happen if the US actually goes into default?

All may not be lost. Minority leader Mitch McConnell has hinted on a backdoor solution to lift the limit after all.

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