Question of the Day: Debt Ceiling

The United States Congress is staring at a crossroads: raise the national debt ceiling or face being another victim of the economic recession, left unable to pay its bills.

Treasury Secretary Timothy Geithner warned lawmakers that the country's $14.29 trillion debt limit was reached on May 16. Since then, Geithner suspended investing in federal retirement funds and other tricks to find funding.

However, Geithner said he only has enough wiggle room to do this through Aug. 2. If Congress doesn't agree to raise the debt limit by then, the U.S. will be unable to pay its bills in full.

There are two ways Congress could do this, according to the CNNMoney Report, by cutting spending and raising taxes through the end of the fiscal year on Sept. 30, or come out and admit it can't pay its bills.

Both options could have serious impacts on the economy, the full impact not fully known but could include a partial shutdown of the government.

The Question of the Day asks: How closely are you following the national debt ceiling debates? Are you worried about the national debt ceiling?

Do you think its responsible for lawmakers to fail to come to an agreement by Aug. 2?

Tell us in the comments section below.