Company on thursd, president obamcongress that raising the debt ceilings urgent and nonnegotiable. To demand somet ransom in exchange for keeping the government running. You dont get to demand ransom in exchange for keeping the economy running. Ransosom get to demand for doing your most basic job. Congress passed the debt ceiling in 1917. The problem . Congress decides how much money is spent, so the law limits the government possibility to pay its debt. Is davis warns that it countries like china that now own a good portion of f u. S. Det through bonds. You pay china off before you pay off your Social Security recipients. Defaults, the Treasury Department warnrns the credit markets could freeze. The value of the dollar could plummet and Interest Rates could skyrocket. Washington business later say that congress should rein in debt say that congress should rein in debt. We need to put in plans in ththe fure to get is rolved. In the Greater Washington area we are taking a h hit. Theusin