Right now, Republicans in Washington are saying they won’t vote to raise the debt limit while Democrats are pushing for a vast $3.5 trillion, 10-year spending plan. But that’s a different, and really complicated, story. People really concerned about public debt will add in the currently unfunded liabilities of Medicare and Social Security and argue total US liabilities are somewhere north of $156 trillion. That’s a hard number to choke down and it’s getting larger every second.
Outstanding public debt is about $28.7 trillion.
(More on that in a second.) Another is that failing to raise the limit would cause the US to default on some of its obligations, triggering a crisis in the financial system. One is that the money’s already been spent - raising the debt limit just lets us keep paying back our creditors. The arguments in favor are generally the same every time.
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