Essay On Debt Ceiling
Through terrible decision-making and utter ignorance, the government of the United State of America has over-spent itself into a deep chasm of debt. In the next coming days, congress will be voting on whether or not it should raise the current debt ceiling from $18.1 trillion to $19.1 trillion. If Congress chooses to increase the debt ceiling, the U. S. government would be able to pay back the loans that it took out this previous year, but risks more overspending. If Congress chooses not to raise the debt ceiling, it is very likely that the Federal Reserve will run out of funds by mid-November. This will cause the U.S. to lose credibility with some of its creditors, and it could also create an economic disaster. Many people, like Jacob Lew, …show more content…
A default of this debt increase could very well mean the collapse of the government as we know it, but sometimes it is necessary to have a drastic change in policy in order to better help the population as a whole. Either way you look at it, whether we chose to increase or decrease the national debt ceiling, the end result will be the same. Both choices will eventually cause an unprecedented economic disaster, but the damage that would occur from letting the debt build up is exponentially worse than the other. With both sides of the government being at a standstill on this issue, the concern now comes from the fact that democrats and republicans will seek to make this into the other party’s fault, instead of joining forces to fix the issue. In the article The Debt ceiling is a useless way to control U.S. spending, commentary by William D. Lastrapes, Lastrapes begins his commentary by discussing the origin and purpose of the debt ceiling. The ceiling’s original purpose was to lay out the procedures “on how Congress was to participate in the annual budget process.” Lastrapes also spends sometime arguing against the Increase, but is ultimately faced with the fact that not increasing the debt will have extreme and potentially harmful to the overall
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