Well, folks, here we go again — extremists are threatening to not raise the debt ceiling, and all kinds of people who (mostly) know better are whipping up support for not raising the debt ceiling by lying about what it is.
For example, this article at The Federalist about how the American people like the debt ceiling, says that “voters like the the idea of embedded limits on government spending.” And perhaps they do, but that’s not what the debt ceiling is.
The wingnuts got hold of a speech by President Obama in which he said that raising the debt ceiling doesn’t increase the debt, and of course they’re tripping all over themselves laughing and calling him a fool (example). The joke’s on them, though, since raising the debt ceiling actually does not increase the debt but only allows the Treasury to pay bills already due. The actual debt is not limited by the debt ceiling, and the consequences of not raising it would be catastrophic. Which is not, of course, funny.