I don’t understand

The Democrats and Republicans are  struggling again over an agreement to extend this country’s debt limit.  The politicians tell us that if they don’t reach and agreement by August 2nd, this country will default on its loans, and cause a global crisis.  How many times has this happened before?  How many times have both parties pushed it right up to the deadline before compromising?     Let’s assume they do reach an agreement before August 2nd.   That would mean the USA’s debt limit is increased permitting this country to borrow even more money.  Most, if not all of the new money borrowed, will go to pay the interest on old loans.  Will we ever get out of debt?  Does it really make any difference whether we do or not?  I don’t understand.

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