adBlockCheck

The Onion’s Guide To Understanding The Debt Ceiling Crisis

Top Headlines

Politics

Financially Struggling Trump Campaign Holds Fundraising Riot

NEWARK, NJ—Having raised only $3.1 million last month despite clinching the Republican nomination and with just $1.3 million on hand, Donald Trump’s presidential campaign sought a much-needed injection of cash Wednesday by holding a fundraising riot in Newark, sources confirmed.

Trump’s Potential VP Picks

Here is a guide to presumptive Republican nominee Donald Trump’s potential running mates in the 2016 presidential election

47 Weak-Willed Senators Bend To Interests Of Powerful American People

WASHINGTON—Saying the closely watched Senate vote clearly demonstrated where the elected officials’ loyalties lay, political observers confirmed that 47 weak-willed lawmakers bent to the interests of the powerful American public Monday by voting in favor of measures that would bar anyone on government terror watchlists from purchasing firearms.

Nation Clinging Desperately To Brief Inspirational Moment Before Being Thrust Back Into Raging Election Maelstrom

WASHINGTON—Following Hillary Clinton’s primary victories Tuesday that presumably secured her place as the first woman in U.S. history to receive a major party’s presidential nomination, citizens across the nation admitted to reporters they were desperately clinging to the brief moment of inspiration before they are inevitably thrust back into the raging black maelstrom of the 2016 election.

Campaign Announces Clinton Has Entered Incubation Period After Securing Nomination

Candidate Transitioning Into Mature Presidential Form Inside Cocoon, Aides Say

NEW YORK—Immediately after she clinched the 2,383 delegates needed to secure the Democratic presidential nomination Monday night, campaign aides announced that Hillary Clinton had retreated to a dark corner of her Brooklyn headquarters and entered the beginning of a 16-week incubation period.

The Arguments For And Against Bernie Sanders Staying In The Race

Bernie Sanders is ramping up his efforts in the presidential race despite long odds, while sharpening his criticisms of a Democratic Party increasingly focused on the general election with Hillary Clinton as their presumptive nominee. Here are the arguments for and against Sanders staying in the race

Donald Trump’s Campaign: Myth Vs. Fact

Donald Trump’s political positions, personal history, and potential governing style have been the subject of much debate throughout the 2016 election. The Onion separates myth from fact in this breakdown of Trump’s campaign:

Report: Well, Here We Go

WASHINGTON—With Donald Trump’s two remaining GOP rivals suspending their candidacies and clearing a path for the billionaire businessman to assume the Republican presidential nomination, reports indicated Wednesday that, well, hoo boy, here we go.
End Of Section
  • More News
Up Next

The Onion’s Guide To Understanding The Debt Ceiling Crisis

The Treasury Department has warned that the continued failure by Congress to raise the debt ceiling would leave the United States unable to pay all of its bills and may force the country to default on its government bonds. Here are some helpful answers to the most common questions about the debt ceiling crisis:

What is the debt ceiling?

The debt ceiling is a specifically defined yet changeable clause in official federal legislation that ensures that our country becomes embroiled in maddening, childish theatrics every few months or years.

How high is the debt ceiling now?

Just like normal ceiling height.

When will we hit the debt ceiling?

On Thursday, Oct. 17 at precisely 5 p.m. Eastern time, when the nation’s $46 billion cable bill comes due.

What happens if the government defaults on its debt?

The United States will lose the credibility and respect we incorrectly assume other nations still hold toward us.

How would a government default affect the economy?

Picture a cake, small crumbs of which fall off during each slice, or transaction, whenever money is lent to institutions from the Federal Reserve. It is a thick, rich sponge cake with icing. The icing is the American people.

How would a government default affect me?

It’s always about you, isn’t it? Prick.

Has the government ever defaulted on its debt before?

No, although it came close in 1877 when Rutherford B. Hayes installed the White House’s first telephone, then ordered 900,000 pizzas.

What do Republicans want in exchange for raising the debt ceiling?

Reasonable solutions to create an affordable, private, cost-effective health care system, a renewed emphasis on the entrepreneurial spirit that makes this country so great, long-term investments in our economy and infrastructure to build a stable and sustainable middle class, and a return to constructive political discourse.

How can I explain this crisis to my children?

You have kids? Uh-oh.

Are the debt ceiling crisis and government shutdown connected?

Technically no, but in many Eastern veins of thought it is believed that all things in the universe are connected. The cherry blossom and earthworm do not know the other exists, but is it not the fallen petal that provides nourishment to the earthworm, and is it not the earthworm that enriches the soil for the blossom’s mother tree? Perhaps there is more truth in seeing the world and everything in it as one than in believing that things are separate.

Why do we need Congress to raise the debt ceiling?

You know what, you’re absolutely right. We don’t need Congress. Let’s just do it ourselves! Come on, everyone!

Sign up For The Onion's Newsletter

Give your spam filter something to do.

X Close