The Nation´s Debt Limit Debate

When speaking about the debt limit, most people think about the limit on their credit card. We set a limit so that it will not be wasted. When it comes to the upper limit of the national debt, it is the opposite, which assumes that more government lending power (Przybyla) is allowed. Currently, the country's debt is "16.7 trillion dollars" (Przybyla). Recent government shutdown is because Republicans do not want to raise their debt limit (Przybyla). It is a great concern that our country is concerned about being downgraded due to debt repayment, which encourages both parties to reach an agreement (Przybyla).

In a controversial discussion on US debt ceilings in 2011, President Barack Obama and Congress agreed to raise the debt ceiling by 2.1 trillion dollars in exchange for a specific spending cut in 10 years. By the budget control law, the President can raise the limit from 14.29 trillion dollars to 16.39 trillion dollars. At that time, the US lost the permanent AAA rating of Standard & Poor's and clearly confirmed the risks brought by the course of the state budget. There are two budget problems in the United States. (1) today's expenditure and debt risk is high, (2) future expenditure and debt is expected to increase further.

US President Barack Obama has announced a budget of $ 4 trillion in 2016 on Monday. It will increase over $ 6 trillion in government bonds over the next decade, thereby increasing national security and discretion. Restrictions on spending on domestic expenditure In other words, we assume that Congress adopts the proposal as it is - according to Tom Price, R-Ga, Chairman of the Housing Price Committee, this is unlikely. In a Sunday interview with Fox News, Mr. Price said "A better way is to budget through the Committee and the House of Representatives, which will actually be balanced." "We call on the president to cooperate with us so that we can move things in the right direction."

Since President Obama proposed last week's federal budget proposal, Washington has discussed the future of Japan's expanding national debt and the expenditure it believes to be the cause. But this discussion is really complicated. So, what is the basic outline of the discussion? How will this budget affect national debt? If the President himself has not actually enacted laws, why should we care about what Obama wants within the budget next year?