The Debt Ceiling

Randi Rhodes Interviews Former Rep. Alan Grayson (D-FL)
on The Debt Ceiling

We keep hearing the question, "So we're at the debt ceiling - but what does that mean?" Former Congressman - and former professional economist - Alan Grayson explains what it really means to be at the debt ceiling.

In short, life and the economy as we know could realistically cease to exist in the United States if we don't get back under our debt ceiling. Overnight, there would be a giant sucking sound - the sound of a 10% drop in our Gross National Product - and the amount of unemployment we'd have could be massive.

It's not just a threat - it's a very real possibility, if the United States defaults on our debt, as many in the GOP leadership are hinting that we should do.

Alan Grayson is one of the only Congresspersons who has ever worked professionally as an economist - so Randi reached out to Alan to find out more about what it really means for America to be bumping the debt ceiling, as we are right now.