Some people do not seem to understand raising the debt ceiling. It does NOT increase the government's debt but merely refinances liabilities already incurred by the government as previously authorized by Congress.Example: Congress previously authorized the EPA to buy $5M of automobiles. The EPA purchases the autos from GM and, as of today, owes GM $5M. The government issues $5M of new T bonds and uses the proceeds to pay the $5M of debt invoiced by GM.  Consequently, the overall debt hasn't change but rather has been refinanced.Raising the debt ceiling is simply a mechanism to pay already existing debts and liabilities through refinancing (like refinancing your mortgage).

Some people do not seem to understand raising the debt ceiling. It does NOT increase the government's debt but merely refinances liabilities already incurred by the government as previously authorized by Congress.Example: Congress previously authorized the EPA to buy $5M of automobiles. The EPA purchases the autos from GM and, as of today, owes GM $5M. The government issues $5M of new T bonds and uses the proceeds to pay the $5M of debt invoiced by GM.  Consequently, the overall debt hasn't change but rather has been refinanced.Raising the debt ceiling is simply a mechanism to pay already existing debts and liabilities through refinancing (like refinancing your mortgage).

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