Only 19% of Americans in Favor of Raising Debt Ceiling
According to a recent Gallup.com poll (link below), 47% of Americans say that they want their member of Congress to vote against raising the debt ceiling.
19% said that they are in favor of raising the debt ceiling, while a full 34% said that they "don't know enough to say."
Republican voters are very opposed to raising the nation's debt ceiling, as a full 70% said that they would want their member of Congress to vote against increasing the debt limit, while just 8% said that they would support an increase.
Democrats, on the other hand, seem to be undecided. 40% of Democrats surveyed by Gallup said that they "don't know enough to say" when it comes to raising the debt ceiling. 33% of Democrats are in favor of increasing the debt ceiling, while 26% are opposed.
Independents are also not fond of raising the debt ceiling - 46% are opposed, 40% are unsure and just 15% are in favor.
According to Gallup, the debt ceiling issue is on the minds of the majority of people in the country. 23% of those surveyed said that they are following the issue "very closely", while 34% said that they are following the situation "somewhat closely."
Treasury Secretary Timothy Geithner has stated that the United States will hit the debt ceiling limit by Monday, May 16th.
By taking "extraordinary measures", Geithner claims, the country can continue borrowing until August 2nd at the latest.
Both sides are digging in their heels for a fight, which is why you shouldn't be surprised to see this issue drag out into early August.
In the end, it's a near certainty that an agreement will be reached, likely just before the "drop dead" date of August 2nd.
Source: Gallup.com - Americans Oppose Raising Debt Ceiling, 47% to 19%
Filed under: The Economic Meltdown