America's Debt

Topics: United States House of Representatives, President of the United States, Tax Pages: 1 (395 words) Published: September 7, 2011
America’s Debt

It took a while for the administration of Obama to initialize action about America’s enormously increasing debt. Given that the country has mounting debts, it would be difficult shrink it down. It is said on the article that president does not step up his personal involvement in the negotiations. His people, though, presented courses of actions to cut off the said problem. Some are to increase taxes, raise debt limit, eliminate tax benefits of other companies, increasing user fees like that on airline passenger security fees, higher income tax rates thus capital gains rates, and sale federal property. Republican, however, resists the increase in taxes and extension of debt limit with a suggestion of just decreasing the government spending. Also, it puts forward the increase in user fees. It is uncertain if the Republican will support the deal offered to them. The president still, along with his people, has high hopes that they will be. As the Republican Party considered being the center-right, it is necessary for the administration to get their “yeses”, considering it has the majority of seats in the House of Representatives and that on state legislatures. It is good that they still see optimism despite the situation. At issue is not just the staggering national debt but a showdown on the federal borrowing limit that carries enormous risks. US definitely needs fund, employment on other issue will be affected too. If the country does not raise the debt ceiling, its government would certainly have no funds of like paying their employees. If this situation goes on, the fall of US might be put into calendar. This could mean the first U.S. financial default in history and send economic shockwaves around the world. Yes, America is in this high debt dilemma. Given such, it is not certain as to when this problem would be next debated on. The House and Senate are having difficulties in setting meeting and assigning a schedule for their hugest problem...
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