As I have been saying here, the debt ceiling issue is essentially a hoax, as the Constitution creates a system in which the U.S. government has control over, and a responsibility for its debts. This means no private entity can control U.S. funds, though, under our system, financial institutions have indeed loaned money to the government.
Yet, what is money? Who issues the money? Who controls the money? Ultimately, is not the answer to the last two questions, The American People? And as for the first, money is the value of energy expended -- by (again) the American People. This is supposed to be a government of, by, and for the American people. Instead it has become a nation of and for the big lenders. This, above all, is what must change.
An economy based on full employment at fair wages will produce plenty of taxes collected to pay for any debts incurred.
For a fuller discussion see the article at the attached link, below. While one may argue about the propriety of "Quantitative Easing," the article explains pretty well the concept of money and finances in a democracy.
Coming Soon: More on how financial corporations can be brought under control
http://www.truth-out.org/forget-compromise-debt-ceiling-unconstitutional/1312205856
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