A couple of things everybody should understand: the debt limit, the debt and the deficit are 3 different things. Our deficit, which is the difference between revenue and expenditure has been steadily decreasing, but because it still is a 1/2 trillion dollar/yr deficit our debt continues to grow. Which means a greater and greater percentage of our expenditure is simply going to pay interest. The higher the interest rate the more expenditures, the greater the deficit. Interest rates are rising because this threat increases perceived risk. Actual default would send rates thru the roof (like Greece). Historically the answer to this problem has been/ addressed as self evident: raise taxes. It has become such a given that that solution is a non starter for Republicans, the pundits, or even the President, don't even bother to mention it. Like it or not RAISING TAXES IS THE ONLY SOLUTION.