No, this isn’t the kind of fear-mongering that President Obama engaged in earlier saying if his government-run health care plan doesn’t pass the government will go bankrupt. While that was a startling, last-ditch effort to save ObamaCare and financially insane statement, the real problem is that national debt has now topped the national debt limit. When the dept exceeds the debt limit, the U.S. is in default and is unable to borrow any more money.
The immediate problem is raising the debt ceiling. Why is it a problem? Because the Democrats tried to raise the debt limit by $1.8 trillion to save themselves the embarrassment of having to raise it again next year when they are running for reelection.
With Democrats in complete control and command of the government, the country is without real leadership in this time of crisis.