The Debt Ceiling limits the total amount of money the Federal government can borrow. In the past 20 years, the deficits have been much higher, and the government has had to bail out private businesses. With Covid, borrowing is higher than ever. The only way the government can pay back their debt, is to borrow more. Professor Richard Wolff joined Thom Hartmann to explain that it is catastrophic to increase the debt ceiling, and how taxes might have to increase dramatically.