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 loose credibility with some of its creditors, and it could also create an economic disaster. Many people, like Jacob Lew,

With the rise in human population, diminishing resources, climate change, and territorial disputes among nations; it would make sense for congress to raise the debt ceiling in order to avoid a government shut down and to maintain military services and salaries. In the article Jacob Lew to Congress: Avoid Brinkmanship, Raise Debt Ceiling, by Nick Timiraos and Kristina Peterson, Jacob Lew, who is the U. S. Treasury Secretary, expresses his concerns on why raising the debt ceiling is so important. The main point that Lew attempts to argue is that ” If there is a default, the treasury department would be unable to pay the nation’s bills in a matter of weeks.” Raising the debt limit wouldn’t authorize spending on new programs; it would allow the government to pay debts for items that congress had already approved spending for. Lew specifies that one of his greatest concerns is the damage that comes from the uncertainty between both parties. This uncertainty causes bankers and investor to stay away from U. S. backed securities, which then causes the government to loose