Biden Says Raising Debt Limit Is About Paying Old Debts

Biden Says Raising Debt Limit Is About Paying Old Debts

Assessment

Interactive Video

Business, Social Studies

University

Hard

Created by

Quizizz Content

FREE Resource

The video discusses the importance of the U.S. maintaining its financial obligations by paying its debts, emphasizing the historical consistency of this practice. It explains the concept of the debt limit, which is a cap set by Congress on how much the government can borrow. Raising the debt limit is necessary to pay off existing debts, not for new spending. The video highlights the significant debt incurred during the Trump administration and the need for bipartisan support to raise the debt limit. It warns of the severe economic consequences if the debt limit is not raised, including risks to jobs, retirement savings, and essential benefits.

Read more

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What has been a consistent financial practice of the United States since its inception?

Defaulting on its debts

Paying its bills

Avoiding taxes

Increasing spending without limits

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary reason for raising the debt limit?

To fund new government projects

To reduce taxes

To pay off existing debts

To increase military spending

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is raising the debt limit usually a bipartisan effort?

It is a way to cut taxes

It reduces the national debt

It is necessary to meet existing financial obligations

It involves new spending plans

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was a significant factor in the need to raise the debt limit recently?

Reckless spending policies of the previous administration

Increased tax revenue

New infrastructure projects

Decreased military spending

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What could be a consequence of not raising the debt limit?

Higher retirement savings

A self-inflicted economic wound

Increased job opportunities

Economic stability