Politics & Government
Should the National Debt Ceiling Be Raised?
The National Debt limit now stands at $14.3 trillion. Should the U.S. Congress vote to raise it?
A frustrated President Barack Obama walked out of a tense meeting Wednesday, in Washington, D.C., after talks stalled over the debt ceiling debate. His frustration is similar to other lawmakers on both sides, who are trying to find a solution to the financial crisis.
The national debt ceiling limits the amount of money the U.S. government can borrow to pay the bills. That limit is now at $14.3 trillion. According to a report published by the Department of the Treasury, the government can borrow money "to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. The debt limit does not authorize new spending commitments, it simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past."
The big question in Washington, D.C., this month, is whether or not to raise the debt limit so the government can borrow more money to pay the nation's bills in August.
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In general, Democrats don't want to cut government programs to balance the books. Republicans on the other hand, are mostly concerned about not raising taxes to fix the problem.
Patch wanted to know what Carlsbad residents think, so we went out to talk with some of you and found a handful of differing opinions about the financial crisis brewing in Washington.
