American Morning

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July 4th, 2011
02:10 PM ET

Clock ticking on debt ceiling deal

Did you know U.S. Congress has voted to raise the nation's debt ceiling 78 times since 1960? And 38 cents of every dollar the U.S. spends is borrowed?

U.S. government spending has sky-rocketed along with the national debt since the early 1980’s. At the current rate, the U.S. is on pace to reach debt levels not seen since WWII and the Great Depression – fast-approaching what economists call a debt crisis.

CNN's Christine Romans breaks down the numbers, and looks at why it's so important for lawmakers to come to a debt ceiling deal soon.

Filed under: Debt • Debt ceiling
soundoff (One Response)
  1. Robert Kimbrough

    The gop want there way not what is good for the u.s.a they don't care about working people

    July 4, 2011 at 2:48 pm |