heres a nice little factoid, (former) president Bush raised the debt ceiling 17 times during his term!
this has never been an issue in the past and was just something that occurred naturally whenever laws were amended or whatever, but now all of a sudden the Tea Party have made an issue where there was never one before. Thats pretty much what Obama alluded to in his speech.
Im not big on politics and in no way an Obama supporter, i think the US spending really is out of control but the fact there is so much focus over this whole debt ceiling is really unusual, its quite disgraceful how politics is threatening to start the next great depression.
My simple opinion is that if the US defaults or even just lose their AAA credit rating it will begin a domino effect where the already fragile euro zone is next to go.
