Debt Ceiling To Be Raised By $1.8 trillion

Right now Democrats are preparing to raise the federal debt ceiling by up to $1.8 trillion dollars. This is a staggering amount considering the amount of cumulative debt that nation already has this just boggles the mind. Both political parties blame each other! Democrats blame Republicans for the mess they inherited, and Republicans blame Democrats for skyrocketing spending this year. Both are right; each is to blame for the financial mess we are in!

Both parties need to stop blaming each other and start solving America's most pressing needs by balancing the budget! Republicans for the past eight years did little to control the growth of government spending, especially when they passed Prescription Drug Bill in 2006 without stating how it was to be funded.

This year Democrats have passed various pieces of legislation that was just has reckless as Republicans. Early in the year a stimulus package that was supposed to jump start the economy only jumped started Democratic power brokers. Health care that is being currently debated has dubious methods of cost savings. The idea of savings coming from Medicare is laughable as whenever has Congress conceived of savings from Medicare! When this passes America will witness the debt level again skyrocketing to monumental levels.

The debt this nation accumulated has reduced the value of the dollar, in the short term it has made our exports cheaper abroad, but continuing this reckless policy will eventually increase interest rates and inflation.

Across the globe the world is nervous about the amount of debt being accumulated by the U.S. and it makes them wonder if America is sound place for investments. China currently holds roughly $800 billion dollars worth of U.S. debt and contributes us making $50 billion dollars in interest to them every year.

The nation’s economic future depends on the U.S. getting its economic house in order. It will be painful, but without it we will face a dire economic future.

Both political parties contributed to the mess and both political parties will have to end the partisanship now displayed in Washington to end it.

The future of America is in their hands!