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Debt ceiling crisis.
Us debt ceiling crisis 2011.
Like an impending execution it should concentrate our minds now while something can still be done.
Win mcnameegetty images by colbert i.
Between 2010 and 2013 the us.
Its a last resort to get attention by the non majority in congress.
42 43 on april 15 2011 congress passed the last part of the 2011 united states federal budget in the beginning 2012 authorizing federal government spending for the remainder of the 2011 fiscal year which ended on september 30 2011.
Before we going into the details of the 2011 us debt ceiling crisis let me reiterate that us is only one of the two countries in the world which have a debt ceiling a limit on how much the government can borrow.
Markets starting to take notice.
Faced a debt crisis as tea party republicans resisted raising the debt ceiling.
As a result they create a debt ceiling crisis.
The only other country in the world which has this limit is denmark and its debt ceiling is so huge.
Fortunately their plan didnt work.
White house chief of staff john f.
A debt ceiling crisis is on its way.
A deal has always been reached in the past so no problem.
Prior to the debt ceiling crisis of 2011 the debt ceiling was last raised on february 12 2010 to 14294 trillion.
We can look at the debt ceiling in a couple of ways.
That occurred in 1985 1995 to 1996 2002 2003 2011 and 2013.
It was created under the second liberty bond act of 1917 and is also known as the debt.
They might have felt slighted by the budget process.
The debt ceiling is the the maximum amount of money that the united states can borrow by issuing bonds.
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