The debt ceiling issue is very important. If you haven't educated yourself on it yet, you should consider doing so. Basically, Congress has established a limit which dictates how much debt the government is allowed to be in. On or around August 2, that number will be reached. The debt ceiling has been raised many many times over the past three decades, and its never been such a big deal.
Obviously, the idea of a debt ceiling is ridiculous in the first place, because it permits debt. Regardless, this is the situation we are in: if Congress does not raise the debt ceiling by August 2, the US will default, ie. have no money, zero dollars, and will be unable to raise/obtain money from anywhere! This will lead to several issues that will effect the entire global economy, and, it may be unconstitutional on behalf of Congress (which would make for a great Supreme Court hearing).
The attached article is a good place to get started. It discusses the inability for Boehner to do anything besides hold the hard, GOP line, which, in essence, defeats the purpose of our system of government, which is to compromise in order to reach a general agreement. The Tea Party-wing of the GOP is making it quite difficult for Boehner because they will not allow for any tax increases in order to raise revenue. An example of a 'tax increase' (in this situation) is cutting several tax code loopholes that primarily benefit the rich. It's estimated that this alone would collect $130 BILLION/year. Enforcing the law is not a tax increase, and, sadly enough, Boehner would agree. Unfortunately, the Tea Party literally considers compromising to be failing, which is interesting not only because its what makes our system great (and unique), but also because their view contradicts all of the symbols and individuals whom they praise. Dealing with people that can't connect this point will be very difficult.
John Boehner's 'grand bargain' - with House GOP - John Bresnahan and Jonathan Allen and Jake Sherman - POLITICO.comhttp://www.politico.com/news/stories/0711/58662.html