U.S. Debt Increases

U.S. Debt Increases
Members of the U.S. Senate want to vote on a proposed amendment that would raise the national debt limit to $14.29 trillion that would be a $1.9 trillion dollar increase from what it currently is now. This measure has both pros and cons that will come into affect if it members of the U.S. Senate pass it. No studies have been conducted to see what the outcome will be or how it will affect our economy in the long run. Due to this fact lawmakers should wait and study this issue thoroughly before making a decision. They need to have all the facts available so that the Senate can make an informed decision on the matter.
      The White house is stressing this issue because if something is not done about our increasing debt then for the first time in U.S history America will default on its debt. The global recession that has plagued us for the past two years, is causing us to raise the tax ceiling as a result of lower tax income and a boost in America’s spending. This is a result of people paying fewer taxes which is putting more money in their pockets for personal spending; thus less money is coming to the government to pay off its high debt. “Such an increase is critically important to make sure that financing of federal government operations can continue without interruption,” said The White House. This did not just occur in the past two years; just like the drastic decline in the economy did not occur overnight it was a progression of a slowly ticking time bomb that we could have prevented, with responsible spending and budgeting.
      Since the year 1969 the treasury has been spending more money then it is bringing in. Causing them to have to borrow money to keep up with congress’s spending, they pay a huge amount of interest on the money that they borrow. All of these factors contributed to our current national deficit. Last year congress passed a short- term increase in the debt limit raising it to 12.39 trillion, after Senators led by...