National Deficit and National Debt

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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 when the infamous debt ceiling is finally reached. Currently the national policy on the debt is to continue raising the debt limit until a solution is found that is agreeable between both parties in Congress. The two main issues of over spending and the constant raising of the debts ceiling by Congress can both be resolved by government spending reform, balancing the federal budget and initiating pro-growth policies in order to increase the government’s tax revenue. The debt ceiling is a term that holds a lot power and is currently controlling the financial state of the United States government. Primarily because it is the limit on how much money the government can borrow before it must shut down and begin paying off its debts forcing Congress to work out a solution to the debt problem (Sahadi, 2013). The primary issue with this problem is that Congress continues to raise the debt ceiling pushing back the inevitable judgment day that will come when the United States can no longer borrow money and not have enough funds to pay for its budget. The current debt ceiling is set to hit on February 8, 2014 after which the treasury will not be able to borrow anymore money to make its obligated payments (Everett, 2013). It would be an advisable move to not raise the debt ceiling past its $17 trillion dollar mark, forcing Congress to create a solution to the financial issues that are facing the country. Currently 70% of voters are dissatisfied with the current state of the nation’s... ... middle of paper ... ...nding trends in graphics, tables, and key points. Retrieved from http://www.heritage.org/research/reports/2013/08/federal-spending-by-the-numbers-2013 Everett, B. (2013). Debt ceiling deadline pushed back.Politico, 1(1), 1. Retrieved from http://www.politico.com/story/2013/11/debt-ceiling-deadline-100155.html Goff, E. (2012, October 16). Top 10 examples of wasteful federal spending in 2012. Retrieved from http://blog.heritage.org/2012/10/16/top-10-examples-of-wasteful-federal-spending-in-2012/ Sahadi, J. (2013). Cbo: Real debt ceiling deadline could hit in march. CNN Money, 1(1), 1. Retrieved from http://money.cnn.com/2013/11/20/news/economy/debt-ceiling/ Sargent, M. (2013, November 13). Debt: Seven out of 10 voters think the u.s. is on the wrong track. Retrieved from http://blog.heritage.org/2013/11/13/debt-seven-out-of-10-voters-think-the-u-s-is-on-the-wrong-track/

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