Government Politics at its best: Debt Ceiling

Federal Debt Ceiling (National Debt)

I did some research on this topic, so I decided to pick a current event related to it. The debt ceiling is basically something created by Congress to keep the U.S. from amassing too much debt. Now the president does not have full control of the government’s ability to spend taxes. The president collects all the taxes and submits them to Congress. Congress makes a budget in concern with what it wants built and puts a cap on how much the president can borrow. But unfortunately for the president, Congress most of the time dictates that he must spend more then the taxes pay for. So congress has the scapegoat to blame the President for not being frugal when it is Congress’s fault that he has to borrow so close to the debt ceiling. Now the reason the debt ceiling is such a big deal is that if we hit that amount of U.S. debt, we could have a government shutdown. People working for the government would not get income or be forced to take days off. Any companies hired by the government would not get income for work they had done and it would cause a loss of faith in the U.S. dollar. In my next blog post I think I will cover the Sequester.

 Article: http://topics.nytimes.com/topics/reference/timestopics/subjects/n/national_debt_us/index.html

Sources: http://www.npr.org/blogs/money/2011/04/12/135314575/the-debt-ceiling-explained