Confused by all the details about the debt ceiling?
NPR's legendary newscaster Carl "60 Cent" Kasell explains everything ... in a RAP! (Be gentle people, this was a rush job.)
We've included the lyrics so that you can sing along:
Here's a little lesson,
Sit back for just a bit
Here's how we make a dollar out of 60 cents
It started years ago,
In 1917
Congress set a limit
On the U.S. Treasury
It capped what they could borrow
Put a "ceiling" on the debt
After that first ceiling
It continued to be set
Congress — both chambers
The Senate and the House
They've raised it 12 times,
Since '95, no doubt
But a few months ago,
The ceiling got stuck,
Some members of Congress said,
"It's gone WAY up!"
So they said "hold up!"
We're spending too much!
A buck for every 60 cents
We've GOT to cut!
Weeks went by,
What to cut, how soon?
Should we raise taxes?
No one knew what to do.
The credit rating agencies
Weren't feeling it at all
If we couldn't get a deal
Our rating would fall.
Then a plan came together
On Sunday night
A commission from Congress
To set things right
The fight may be over
The ceiling could be raised
Can we get back to business?
Are we out of this maze?
Background vocals by "Change" ( and Priska Neely); lyricists Marilyn Geewax, Serri Graslie and Sam Sanders. Special thanks to Art Silverman.
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