As most of us continue to deal with our own personal finances, there is a national debt ceiling crisis that’s looming over the country. What the heck is the debt ceiling and how does it — or could it — affect Georgians? If you are one of the people saying any or all of that, we’ve got some answers for you today. We’re going to get an economic lesson from Raymond Hill, senior lecturer of finance at Emory University’s distinguished Goizueta Business School in Atlanta.
Raymond Hill: We have this strange thing that Congress can spend money. That’s what its function is under the Constitution, to authorize spending. But then in order to spend more than we take in in taxes, then we’re going to have a deficit and that’s going to then add to the national debt. So in addition to Congress voting to spend money without raising taxes, it has also imposed — on itself — another…
