http://live.wsj.com/video/the-debt-ceiling-explained-why-you-should-care/40415F7F-C0EB-4048-9612-42A22EB77D66.html#!40415F7F-C0EB-4048-9612-42A22EB77D66
As we all know the United States is in the middle debt crisis. We currently 16.4 Trillion dollars in debt. Over the past four years we have spent 1 trillion dollars more per year than we have in the past. We make up for this debt by selling bonds and borrowing from other countries, which means most of our debt is owed to other countries such as Japan and China. Congress created the debt ceiling so that when the federal debt "bumps up" to the ceiling congress then votes weather or not to raise the debt ceiling, which is where we are now. Congress needs to come to an agreement on taxes and spending to be able to slow this massive build up of debt that we have accumulated. If they don't there could be a huge issue in the Federal Government getting us out of this debt.
The U.S needs to decrease the national debt by considering reducing income tax rates and increasing payroll tax on high earners. They should also cut defense and other government spending.
ReplyDeleteI agree we need to cut defense and other government spending but I feel we need to focus our spending cuts and really look into the fields we have proposed to cut as well as where we are planning to spend our money. I feel we have a lot of unnecessary spending in many areas that have no benefit to our nation.
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