CFCC Political Science Instructor breaks down debt ceiling bill
WILMINGTON, NC (WWAY)– The senate approved a bill last night averting a debt ceiling crisis.
It’s now heading to President Joe Biden’s desk to sign.
But there are still many questions surrounding the importance of raising the debt ceiling.
We checked in with a local political science instructor to find out what exactly this means for us.
Established in the early 20th century, the debt ceiling represents the maximum amount of debt the US can borrow by issuing bonds.
According to Nelson Beaulieu, an instructor at Cape Fear Community College, raising the debt ceiling is a good thing because it will allow the US dollar to continue serving as the main global currency.
Beaulieu says people need to look at the debt ceiling differently compared to their own personal debt.
“There’s a misconception, I think, among the general public about our debt. They kind of look at it as household debt. But every president spends more and more and the reason for that is because the goods and services the government provides are going to a larger and larger base of people,” said Beaulieu.
Once signed by President Biden, the debt ceiling will be suspended until the beginning of 2025.