"It's official: The U.S. government hit the debt ceiling on May 16, 2011" - CNN Money
The United States of America will run out of money to meet it's financial obligations unless the debt ceiling is raised by August 2, 2011.
The bottom line is that each day the government spends more money than its collecting and the only way it can pay its bills is to borrow more money. Obviously this situation cannot be sustained indefinitely and urgent attention is needed to formulate a way to get out of this hole.
Simply put, there are two ways to stop this situation and turn it around:
(1) Cut expenses; and (2) Increase income.
Income has to increase by raising taxes, particularly for those for whom the additional taxes will not change their day-to-day lifestyles ie: multi-millionaires. At the same time, and probably more importantly, is the need to drastically cut expenses.
Yet despite this dire situation facing the country right now, Republican politicians continue to play "chicken" with the debt ceiling, threatening to block raising the limit that the country may borrow to pay its bills. It's no longer a debate of who caused the debt, or who made it worse .... we are where we are right now .... and Congress needs to deal with the dire situation we're currently facing.
In light of this I believe that all members of Congress should have their pay and medical insurance suspended until such time that they can reach a realistic solution to address this issue.
It's time that members of Congress stop making political statements while jeopardizing the credit worthiness of the nation.
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