The Debt Ceiling Debate: What To Know

The debt ceiling debate currently consuming the halls of Congress has wide-ranging implications for the economy generally, employers large and small, and a number of specific industries, including health care. Congressional leadership and the Obama Administration are in closed-door negotiations, considering how to raise the debt limit, and determining what spending cuts and tax adjustments are needed upfront in order to reach agreement between the two parties and gain the votes needed to pass comprehensive legislation. The Congressional committees largely responsible for determining policies in relation to health care, tax and finance, and other programs, are not putting recommendations and proposals together. Rather, the process is being driven by the numbers – meaning, the effort is to come up with an achievable level of savings and/or revenue growth that can garner support for raising the debt ceiling. This is problematic in many ways, as the officials making