Suprise! U.S. Government hits the Debt Ceiling…

As of May 16th, 2011, the U.S. Government has hit the debt ceiling. What is the debt ceiling exactly? It’s a cap set by Congress on the amount of debt the federal government can legally borrow. The cap applies to debt owed to the public (i.e., anyone who buys U.S. bonds) plus debt owed to federal government trust funds such as those for Social Security and Medicare. [Read full story...]