More than twice as many Americans believe lifting the limit means authorizing more borrowing "for future expenditures" than believe it means "paying off the debts [the federal government] has already accumulated"—62 percent to 28 percent, respectively. The reality is that lifting the debt limit allows the Treasury Department to borrow money to pay for bills that Congress has already rung up. With less than 10 days until the nation hits its borrowing limit, the poll found that the misunderstanding was rampant. It was shared by the young and the elderly, the rich and the poor, the college educated and those with only high schools educations. Nearly three in four Republicans, 73 percent, said the debt limit was for "future expenditures," but a majority of Democrats, 53 percent, also agreed. Independents, at 62 percent, fell in between the two major parties. The confusion is one reason President Obama has continued to play professor and try to explain the law to Americans. "This is not raising our debt," Obama said Tuesday at a press conference. "It does not add a dime to our debt." --National Journal
Posted on: Wed, 09 Oct 2013 06:16:27 +0000
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