How Does the U.S. Debt Ceiling Work and Why Does it Matter?

http://www.pbs.org/newshour/bb/politics/jan-june11/debtceiling_05-16.html

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SUMMARY
The United States government hit the legal limit for the amount of money it can borrow Monday, but Treasury officials say they can take other measures to pay the bills. Ray Suarez discusses questions about how the debt ceiling works and the ongoing political debate with The New York Times' Binyamin Applebaum.