1.  Define the following terms used in the article:

• fiscal (from para. 1)
• budget (from para. 2)
• debt ceiling/debt limit (para. 4)
• default (para. 5)

2.  A national debt is how much money a federal government owes.  What is President Obama asking Congress to do regarding the national debt?

3.  What did the President accuse Republicans of doing during his press conference on Monday?

4.  What compromise do Congressional Republicans want President Obama to make for them to ok an increase in the debt ceiling?

5.  What will happen if the debt limit is not raised?

6.  Consider the following:

• President Obama also said during his press conference: "[Refusing to raise the debt ceiling] would be a self-inflicted wound on the economy. Even entertaining the idea of this happening, of the United States of America not paying its bills, is irresponsible. It's absurd."
• Before becoming president, as a U.S. Senator Obama voted several times against raising the ceiling. At that time he said that raising the debt ceiling would constitute “leadership failure.” Yet today, with the debt much larger than it was then, President Obama argues that the ceiling should be raised as a pro forma matter.
• Republican leaders say that President Obama must get "serious about spending and the debt limit is the perfect time for it," and that "The American people do not support raising the debt ceiling without reducing government spending at the same time."  

a)  What do you think would be best for our economy: Should the president give in and make some cuts in spending to get Republicans to ok an increase in the debt ceiling, or should the Republicans give in and raise the debt ceiling without the President agreeing to any spending cuts?  Explain your answer.
b)  Ask a parent the same question. Discuss your answers.