A Short Term Debt Limit Increase Deal May Be Possible
America is o the verge of default. August 2nd, 2011 is the deadline to make installment payments for what we have borrowed. We don’t have money. Our representatives and our senators have been playing with our money for decades. Now it’s time for them to act and act fast.
The Republicans and the Democrats are not even close to making a deal. However, both parties understand the emergency at hand and if they pass the deadline, many of the elected officials may not get elected again, whether they are Democrats or Republicans. So the interim solution will be a deal between the White House and Republican leadership to have a temporary solution before they agree on the deal, make resolution, discusses the pros and cons of the resolution, amend it and finally pass the resolution. It will take a long time.
A “Gang of Six” is leading the way. The six senators are Saxby Chambliss, R-Ga., Tom Coburn, R-Okla., Mike Crapo, R-Idaho, Kent Conrad, D-N.D., Dick Durbin, D-Ill., and Mark Warner, D-Va. They got together with a plan to reduce 4 trillion dollars off the debt within 10 years. This gave hope to the President and he agreed to make a temporary deal to come up with a solid resolution.
Both parties must come up with a concrete plan to reduce debt, while temporarily increasing the debt ceiling. Otherwise, it will impact future generations in America. Spending is outrageous, and we must control it. We are printing more dollar bills and we do not have gold as a reserve. Our spending is 18% to 19% higher than our GDP (Gross Domestic Product). Let’s see what our representatives will act upon in the near future.
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