Question of the Day: Where Do You Stand on the Debt Ceiling Issue?

Since May 16, the date the United States hit the federal debt ceiling of $14.294 trillion – that's the cap set by Congress on how much the government is able to borrow in the debt markets – the federal government's ability to borrow money to spend on retirement programs has been suspended by U.S. Treasury Secretary Timothy Geithner.

That's according to a CNNMoney report, which said Geithner urged lawmakers to raise the debt ceiling again so as to "protect the full faith and credit of the United States and avoid catastrophic economic consequences for citizens." The debt ceiling has been raised 74 times since 1962, including ten times since 2001.

According to the report, members of both the Republican and Democratic parties haven't budged on the matter for various reasons – which include the desire for spending cuts or other debt-controlling measures.

But where do you stand? Have you been following the issue? Should the federal government raise the debt ceiling? Tell us in the comments or email christines@patch.com.