Originally Posted by aceventura3

I think you missed the point. And I probably didn't communicate clearly.

If my wife and I agree that our debt ceiling is $500,000 (mortgage, cars, credit cards, etc), we put it in writing and it is the law of our household. Let say we are at the limit. And then let say my son goes to the emergency room and the cost is $1,000. She doen't have the cash, our debt goes to $501,000. Here's what we do, we shift spending to get under the ceiling ASAP, or we raise the ceiling.

Technically she (the treasury), violated our agreement in principle. However if she can shift spending before we add up the debt, "no harm - no foul". Or, if she can get me (congress) to agree to rasing the ceiling, "no harm - no foul". Our networth is lets say $1,000,000 and our income is $100,000. and our debts are $2,000/month. Upping the ceiling $1000 is just a "paper" transaction. We are doing well financiially. The country and the US government is doing well also. No need to panic.