The risk of default on US government debt is high, but the debt ceiling isn’t the cause. The cause will be war in the Middle East.
Where government debt stands
The debt ceiling now stands at $14.3 trillion. Recently the House of Representatives soundly defeated a measure to raise it without cutting spending. Former Governor Sarah Palin (R-AK) said yesterday that the government should not raise the debt ceiling. The government should cut its budget and stop spending to excess, she said.