The United States Debt Crisis of 2011 in Layman's Terms (less than 1000 words)

by Spencer Michael · July 30, 2011

That's Layman, not Lehman.

Sun setting over the Treasury Building

We know our readers that have been holed up on Capitol Hill will skip this entry, but for our readers that have been acting like they know what's going on--you're welcome:

The U.S. Debt Ceiling is set at $14.294 trillion, which is the amount of debt the United States is allowed to carry to pay off bills. This is basically our country's credit card limit--except instead of credit cards, we issue bonds to citizens and institutions. We also borrow money from other countries, like China. China owns about one trillion dollars of our debt. How nice of them to spot us. MoreĀ»