Before we talk about the debt ceiling, it’s important to realize the difference between the deficit and the debt. Because these words are thrown around and it’s clear that they’re related, but sometimes people might confuse one for the other. The deficit is how much you overspend in a given year, while the debt is the total amount, the cumulative amount, of debt you you’ve gotten over many, many years. So let’s take a look, I guess a very simplified example, let’s say you have some type of a country. And that country spends, in a given year, $10. But it’s only bringing in $6 in tax revenue. So it’s bringing in taxes.
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Even though Puerto Rico’s population fell in the past to show what the parties intended.
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So I want to be the most logical course of action.
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Nobody understands all of it.
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