In a country with a robust (or not so robust, as things currently stand) economy, it is sometimes necessary to raise the debt ceiling, allowing the country to borrow more money.
Otherwise, the country will default on its financial obligations and won’t be able to pay for things.
The country’s defaulting will affect many things, and the government made sure to let us know how bad things could be and properly scare us.
So at first Boehner was like, “Cut your spending or else!”
There was a vote to raise the debt limit back in May, and the House was like
And the American people were like, “That’s the opposite of what we wanted.”
But a lot of parties have to agree, before we can raise the debt ceiling, so people sat down, did their research, and wrote bills.
There are two choices: Raise the taxes or cut spending. Raising the taxes affects the rich a lot, and the Republicans don’t really want that.
And the Democrats want to do some cuts but also raise taxes on the rich and protect the poor.
There were a lot of talks and debate:
Obama and Boehner tried to get to a deal but it wasn’t working:
At one point Obama walked out of a debate:
Everyone was afraid that the markets would collapse, but it didn’t really happen:
And meanwhile our courageous leaders were taking dramatic pictures, indicating concern and hard work at the same time.
And once one side makes a decision, the other side goes:
The average Americans are following the news constantly and sending angry e-mails and tweets
Then Obama and Boehner both delivered addresses, blaming the other party.
Boehner’s bill passed in the House, but the Senate Democrats killed it.
Then Senate Republicans killed Reid’s plan:
They all worked very hard to reach an agreement. A lot of compromise was made.
Now they just have to vote on it.
And we will all be happy. Or something like it.
If you’d actually like to know why the debt ceiling is important, watch this clip from West Wing.
I was going to answer an anon asking me explain the debt ceiling crisis and timeline in “easier terms.” If anon doesn’t get it after this, I can’t help.
This explanation is the best thing in the history of things. It has cats and The West Wing. I yield the floor.