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The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

Debt Ceiling 101 & What it Means For You

DAYTON -- Over the next two days, you will be hearing the words debt ceiling and default, a lot.

Here's a quick breakdown on what it all means.

The debt ceiling is the amount of money we are legally allowed to borrow. So, when the ceiling or limit is reached it becomes impossible beyond that point to borrow anymore money.

"Which means we can no longer spend more than we take until that debt ceiling is raised," said Wright State Economics Professor, Evan Osborne.

Osborne goes on to explain that if the debt ceiling is not raised it means we would go into default. And, a default means theres no money to pay our debts.

A default is unprecedented in U.S. history.

"A default means we don't make either all or some of those payments," said Osborne.

As for why you should care, if the government can't pay all the bills, some will go on the back burner.

So, if you're a person expecting cash from Uncle Sam you probably won't see as much, "so people might not get their checks or they could be smaller than expected," said Osborne.

Osborne says if we do default we can expect it to be more difficult to borrow money -- ie: home loans, car loans, school loans, etc.

A default doesn't happen automatically.

As for when it could affect you, reports indicate that would be at some point around November 1st because that's most likely when the government won't be able to pay all of its bills.

 
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