Raising the Debt Ceiling: Explained in Less Than 1 Minute on a White Board

Not to get overtly political here, but here's a quick explanation of why the US has to raise its debt ceiling:

As of this hour, the Democrats are operating as the Party of No, and the Republicans blocking legislation (as Douglas Holtz-Eakin, the guy in the video, explains) are in "the Coalition of the Willfully Ignorant (who claim you don't need a debt-ceiling increase or that markets won't care and there will be no fallout) and the Coalition of It's Someone Else's Problem (because I just want to have an issue and campaign). Result: They suffer a political loss and America loses."

"Some trust in chariots and some in horses, but we trust in the name of the LORD our God" (Ps. 20:7). It's wrong to trust in the success of chariots and horses (and legislation and political parties). But it's still okay to be concerned when such things break down!