Debt Ceiling Crisis
This essay is intended to provide a breakdown of the debate concerning the debt ceiling. As the house debates, the debts increases and the issue continues to become complicated. The nation is in a crisis along with complex issues. President Obama along with the rest of the house is at odds deciding if the debt ceiling should be raised. The debate on Capitol Hill has been going on for few months now, as the August 2, deadline nears. The democratic and Republican Party both agree it is imperative that the ceiling needs to be raised but the issues surrounding the debt separates congress. The current debt ceiling stands at 14 trillion dollars and continues to grow. This debate has divided the nation’s citizens as well. It is not just a situation of more money to spend, if the ceiling is not raised the money would have to come from social security and Medicare.
The Democratic Party supports raising the debt ceiling. The democrats know that if the ceiling is not passed there would be a dramatic downward spiral in the nation’s economy. This act would cut social security and Medicare. The democrats acknowledge the monies borrowed must be repaid but not at the expense of taking away from the elderly.
“Understand - raising the debt ceiling does not allow Congress to spend more money. It simply gives our country the ability to pay the bills that Congress has already racked up. In the past, raising the debt ceiling was routine. Since the 1950s, Congress has always passed it, and every President has signed it. President Reagan did it 18 times. George W. Bush did it 7 times. And we have to do it by next Tuesday, August 2nd, or else we won't be able to pay all of our bills.” (President Obama 07/2011) President Obama has mentioned the invoking of the 14th amendment as a measure of security.

In spite of the republicans driving the debt ceiling debate, some republicans urge cutting in other areas to avoid hitting the ceiling. When President Obama asked the house for permission to raise the ceiling, the republicans disagreed one hundred percent. In agreement with the Republican Party, creating a debt solution should not involve creating more debt. Some republicans fear the spending could become out of control, this is another reason the support weighs heavy on the Republican Party. Another issue with this party is the corporations. In early stages of the debate, the corporation remained unfazed. These corporations are now putting pressure on the republicans. The businesses has much interest in the outcome of this crisis. The businesses supported them during the campaign elections. The corporate influence has a much greater influence on the republicans than the welfare of the American people. The corporations spent millions breaking down the democrats campaigns. Whether both parties agree or disagree a comprehensive plan needs to be implemented to secure the futures of generations to come. Both groups must agree enough to create a feasible plan without the threats of budget cuts. “ I think that's a much better path, although serious deficit reduction would still require us to tackle the tough challenges of entitlement and tax reform. Either way, I have told leaders of both parties that they must come up with a fair compromise in the next few days that can pass both houses of Congress - a compromise I can sign. And I am confident we can reach this compromise. Despite our disagreements, Republican leaders and I have found common ground before. And I believe that enough members of both parties will ultimately put politics aside and help us make progress.” At some point someone has open minded enough to pursue a course of action without finger pointing. As each day pass, money is decreasing and time is running out. Both parties should prioritize their solutions once an agreement is made. Since this economic recession, America has been spending more money than it has been producing.