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Essay On Federal Debt

704 Words3 Pages

National Debt
The growing national deficit is a looming problem in the United States now more than ever. The national debt is constantly increasing and government spending is out of control. If these issues are not solved, then they could spell disaster for the nation’s economy. But an even bigger concern is how our Government plans to balance the budget and pay off the Federal Deficit. The national debt of the United States is the amount owed by the federal government of the United States. The measure of the public debt is the value of the outstanding Treasury securities at a point of time that have been issued by the treasury and other federal government agencies. Today’s federal debt is about $18.5 trillion which continues to look increasingly …show more content…

surly, all these services are quite important, but cut part of the spending, is not being harmed instead it will save hundreds of billion. Some Politicians suggest raising the debt ceiling is the solution of this problem “we would need to raise the debt ceiling to borrow funds for the obligations the federal government has already incurred.” But according to Tara Sinclair, a George Washington University economist, raising debt ceiling isn’t good choice "If the U.S. reaches the debt cap and Congress does not approve further borrowing, then the government will not be able to fulfill all of their obligations as agreed to in the most recent budget," and she added, "Some law will be broken — either the debt ceiling will be breached or the budget will not be honored."
In the long run, a growing federal debt will be economic impact up debt default. Higher interest rates, hording of money and a lower rate of investment are true examples of the impact economic; businesses are directly affected by an increase interest rates as well as consumers, therefore the economy is likely to experience falls in consumption and investment, In fact, increase unemployment rate. Another impact of national debt on economic is GDP and the American person stander living. Ultimately, all these would slower economic growth and more likely another

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