AC

Q: Stocks suffered late last summer as the debt ceiling drama raged on. Does another disagreement about the U.S.' level of debt threaten the market again this year? A: The debt ceiling debate wreaked absolute havoc on the stock market last year. And that wasn't even an election year. There are few topics that stoke political tension as well as the debt ceiling does. The debt ceiling, a mandated limit on how much the U.S. may borrow, gets at the very root of what is dividing the nation politically and economically. On one side are those who say that the U.S. should be tightening its belt and drastically cutting spending to prevent the debt load from piling up. On the other side are those who think that government spending is the force that can help accelerate economic activity and generate future growth. The debate of austerity vs. government spending is beyond the scope of this column. Readers who would like to debate this are welcome to do so in the comments section below. But...