The Debt Ceiling Fight and Possible Balanced Budget
January 26, 2013 in Economics
Today Congress is voting to raise the debt limit for a three month extension. It would seem they are kicking the can down the road again but not so fast. This time since its only three months down the road and not a year or years down, it seems we are coming to a pivotal moment. Is Congress this time actually worried about the amount of debt the US has? Or are they just playing games again, and in three months will continue playing games.
Many people that would cry foul for another round of raising the debt ceiling limit will allow this to pass this time. Of course this basis is on the idea that it will be different this time for the balance budget fight. Conservative groups in Congress, and in politics in general are stating that they will force the government to shut down this time if Congress doesn’t get the budget under control. This includes stopping Congressional pay until they get the budget issues worked out. This can be dangerous and puts many Federal workers out of the job until they pass a budget, but it is increasingly necessary to finally get this country on the path to fiscal sustainability.