The Debt Limit Crisis: “We need to pass the Balanced Budget Amendment”
Imagine a credit card, glossed and shiny, embossed with 16 digits and your name across the front; one linked to the benefit of a credit limit and a payment schedule for amounts owed. While this is a simplified illustration, for all intents and purposes, America has maxed out its own credit card and hit its legal credit limit. In the case of America’s credit limit, that amount is a staggering $14.3 trillion.
One might ask how we managed to max out the country’s credit card. We reached the limit because our government has been on a wild spending spree, recklessly handing out money for new government programs, unwilling to make the tough choices necessary to address out of control spending. Now, we have reached the debt limit and in order to avoid damaging the full faith and credit of the United States, the Congress must ensure any action taken to raise the debt limit comes with real and significant spending reform. According to a recent Gallup Poll and a recent CBS News poll, the majority of Americans do not support raising the debt limit, and this isn’t because they want us to default, but it is because they want Washington to stop the spending.
And… Read More