What to Do about the Debt Ceiling Impasse: An Accounting Solution to an Accounting Problem

Thu, Jul 7, 2011 - 5:03am
Kendall Queen
Los Angeles, CA
Joined: Jul 7, 2011

Congressional Democrats and

Congressional Democrats and President Obama are working together in opposition to Congressional Republicans as it usually is. The debt ceiling is a large issue currently. It needs to be elevated soon. The debt that the federal government is able to obtain before it must stop is the debt ceiling. It is very important. In August, if Congress can't reach a conclusion, the federal government may default on some loans. The nation will only survive if the debt limit is increased, President Obama believes. Democrats trust this. Republicans feel like it is absurd for the government to discourage borrowing among its residents yet allow itself to borrow just as much as it wants to. The debate is big. It never stops. Republicans will not budge until there are modifications made to the federal budget. Obama feels that the government needs huge installment loans if it is going to make it past the deadline of August. The winner could possibly be any person. More than likely, there will just be lots of compromises.