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Should We Raise the Debt Ceiling? Are We Comfortable With Debt That Exceeds $16.4 trillion dollars?
Our nation’s current borrowing limit is $16.4 trillion dollars; meaning, that once our debt has reached the $16.4 trillion dollar mark, we can borrow no more money.
Apparently in the very near future our government will reach that limit and if the limit is not increased, our government will no longer be able to make the payments. We will be forced to default on our debts to some degree.
With this impending financial doom closing in on the nation, our government is trying to decide what we should do. How we should handle, literally maxing out the nation’s credit card, leaving us unable to make the minimum payments.
Some people believe that we should cut spending, while some people think we should raise revenues (taxes) and then there are others that think we should just raise the spending limit and worry about paying it off later, much later.
So, what do average Americans think we should do? Personally, I am so discouraged that the nation is not looking for reasonable ways to cut spending. It seems that everyone who gets money from the government thinks that their self interest outweighs the interests of the entire country. But how much debt can this nation incur before it is just too much for the nation to bear? When will enough be enough?
The fight over the debt ceiling will likely be an ugly one due to the continued division between republicans and democrats. Here is a sampling of what our leaders are saying:
“On Face the Nation Sunday, Former Speaker Nancy Pelosi (D-Cal.) said that the tax increases on the rich are not enough because President Obama wants more taxes and more spending. The president originally asked for $800 billion in additional revenue by raising taxes on the rich over the next ten years. When Republicans agreed he then increased it to $1.6 trillion.”
"Now it's time to pivot to the single biggest threat to our country, both in the short-term and the long-term... and that's reducing spending," McConnell said. "We now have a debt of $16.4 trillion. That's as big as our economy. That alone makes us look a lot like Greece. We have an incredible spending addiction. This administration has driven spending as a percentage of our economy from 21 percent up to almost 25 percent."
“Speaker Boehner says that the House will not pass another increase in the debt ceiling unless the White House and congressional Democrats agree to cut spending by an equal or greater amount.”
“In a his weekly address from Hawaii, President Obama reiterated that he will not negotiate with Republicans over raising the nation’s debt ceiling and said that any future efforts to reduce the deficit must include a combination of higher revenues and spending cuts.”
So….
What do you think SHOULD happen?
What do you think WILL happen?
Apparently in the very near future our government will reach that limit and if the limit is not increased, our government will no longer be able to make the payments. We will be forced to default on our debts to some degree.
With this impending financial doom closing in on the nation, our government is trying to decide what we should do. How we should handle, literally maxing out the nation’s credit card, leaving us unable to make the minimum payments.
Some people believe that we should cut spending, while some people think we should raise revenues (taxes) and then there are others that think we should just raise the spending limit and worry about paying it off later, much later.
So, what do average Americans think we should do? Personally, I am so discouraged that the nation is not looking for reasonable ways to cut spending. It seems that everyone who gets money from the government thinks that their self interest outweighs the interests of the entire country. But how much debt can this nation incur before it is just too much for the nation to bear? When will enough be enough?
The fight over the debt ceiling will likely be an ugly one due to the continued division between republicans and democrats. Here is a sampling of what our leaders are saying:
“On Face the Nation Sunday, Former Speaker Nancy Pelosi (D-Cal.) said that the tax increases on the rich are not enough because President Obama wants more taxes and more spending. The president originally asked for $800 billion in additional revenue by raising taxes on the rich over the next ten years. When Republicans agreed he then increased it to $1.6 trillion.”
"Now it's time to pivot to the single biggest threat to our country, both in the short-term and the long-term... and that's reducing spending," McConnell said. "We now have a debt of $16.4 trillion. That's as big as our economy. That alone makes us look a lot like Greece. We have an incredible spending addiction. This administration has driven spending as a percentage of our economy from 21 percent up to almost 25 percent."
“Speaker Boehner says that the House will not pass another increase in the debt ceiling unless the White House and congressional Democrats agree to cut spending by an equal or greater amount.”
“In a his weekly address from Hawaii, President Obama reiterated that he will not negotiate with Republicans over raising the nation’s debt ceiling and said that any future efforts to reduce the deficit must include a combination of higher revenues and spending cuts.”
So….
What do you think SHOULD happen?
What do you think WILL happen?
What do you think of this story?
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