Pelosi, BO say we have to raise debt ceiling in order to repay our debt
Ilap, Let's say you have maxed out your credit card. The monthly payment is due and so as not to ruin your credit score and drive up your interest rate, you borrow from elsewhere, say a new credit card, to at least make the minimum payment. So there you have it. You have effectively raised your debt ceiling. Unfortunately, an unexpected hurricane then ruins your house and without new sources of revenue available to pay for it, you must borrow on the new card to fix it. And so on. Does this help?