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Raising our personal debt ceiling

August 4, 2011 06:45
4 min read

Raising our personal debt ceiling for tolerance and peace will bring down the spiritual debt of our nation.
by Rabbi Boruch Leff (Rabbi Boruch Leff is a vice-principal at Torah Institute in Baltimore.)(This article was written before Congress passed measures increasing the debt ceiling)

The debt ceiling. Day after day that’s all we hear about in the news.

According to the Secretary of the US Treasury, unless Congress votes to raise the debt ceiling or borrowing limit by Aug. 2, 2011, the US federal government will be unable to borrow enough funds to pay its bills. It’s like hitting the limit on your credit card. Unless the credit card company raises your credit limit after you maxed out, you can’t use it to cover further bills.

Economists predict that if the debt ceiling is not raised, the United States will begin to default on its loans for the first time in national history. They say that this would be catastrophic to the entire world economy and the global stock markets are expected to crash. The US dollar is expected to become worth much less, interest rates are expected to rise, and any recovery from the financial collapse of 2008 is expected to stall.

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