“it’s likely that many Americans don’t understand what the debt ceiling is or what raising it entails. Consider the high share of respondents who said they were unsure in The Economist/YouGov’s survey. Part of what’s tricky here is the debt ceiling refers to debt and financial obligations the U.S. has already accrued — such as interest on the country’s debt or previously authorized spending, like Social Security benefits. That is, the debt limit is not a tool that authorizes new spending, as such expenditures are decided in completely separate legislation, like a bill for the next federal budget.”
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“past polls back up the idea that many people don’t grasp what it is or what the risks are if it’s not increased. In a 2013 HuffPost/YouGov poll, for instance, 42 percent of Americans correctly responded that a higher debt ceiling allowed the country to pay interest on its debt and spending that’s already been authorized, but 39 percent mistakenly said that the debt ceiling directly increased government spending and the amount of debt the U.S. holds. This survey also found plenty of uncertainty, as 20 percent said they weren’t sure what raising the debt ceiling meant. A poll by the Washington Post/Pew Research Center from 2011 — when the debt-ceiling debate was particularly fraught — also reflected a misunderstanding of the consequences of raising or not raising the debt limit. In the poll, more Americans were worried about what would happen if the debt ceiling was raised than if it wasn’t: 48 percent were more concerned that raising the debt ceiling would lead to more spending and debt, while 35 percent were more worried that not raising the cap would force a debt default and cause economic harm.”