Debt Ceiling: The Debate

Topics: United States, United States public debt, Debate Pages: 2 (430 words) Published: September 4, 2012
Debt Ceiling Debate

Although the nation's deficit is high and the government came within hours of a debt default, congress barely reached a compromise. 

Why do you think this occurred?

What (if any) affect did it have on the lives of "regular Americans?" 

The debt ceiling debate was such a huge deal just a few short years ago. I cannot believe that we are back to where we started from! I remember how difficult it was for the United States to raise the debt ceiling. There was so much debating and fighting, neither side could come to a compromise. In the end, an agreement was made and the debt ceiling was raised to $16.4 trillion, which ended up hurting the American Public. The stock market was greatly affected by the length of time that was spent deciding on whether or not to raise the ceiling. Stocks and savings were hurt for so much time. From what is currently being debated at this time, it looks like we will have the same effect this time around. It is truly sad that we are so close to reaching our debt limit this year. How could this have happened? With the debt ceiling raised, the government was supposed to change the way we spent funding and get ourselves out of this situation so that this would not happen again. It just tells me that this debate will be more difficult than the last one. Each side will now make the point that raising the debt ceiling will not accomplish anything. And with all investments and savings at risk, we need to consider what will be affected if the government reaches a point where we will be in default. Could Social Security payments be eliminated or get lowered? I think of my grandmother who relies one hundred percent on her social security checks. Without it, she will not be able to pay rent, buy her medications, or pay her other monthly obligations. I can only hope that both sides can come together and come to a clear agreement early on so that the average American like me does not suffer. With my grandmother...

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