07/08/2011 09:00 am ET Updated Sep 07, 2011

Bruce Bartlett: 5 Myths About The Debt Ceiling

In recent months, the federal debt ceiling -- last increased in February 2010 and now standing at $14.3 trillion -- has become a matter of national debate and political hysteria. The ceiling must be raised by Aug. 2, Treasury says, or the government will run out of cash.

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