Story Archives: Political solution for a political issue
|Political solution for a political issue|
In a televised speech to the nation Tuesday night, President Obama called out conservative Republican members of the U.S. House of Representatives. He blamed them for the Congress being unable to reach an agreement on raising the federal government's debt limit.
In exchange for supposedly cutting trillions of dollars in government spending over the next 10 years and raising taxes on so-called wealthy Americans and large corporations, Obama's plan calls for the Congress to raise the government's debt limit before it hits a statutory limit next week. The government's accumulated indebtedness stands at about $14 trillion. Obama wants the Congress to raise the debt limit by another $2 trillion-plus.
Some government officials including Obama and Treasury Secretary Timothy Geithner as well as experts in the financial community say the government could default on its debt if the Congress fails to raise the debt limit in the very near future. Obama said Tuesday night that Social Security payments and interest payments on the debt could be at risk if the debt limit isn't raised.
The presidency is above making veil threats, but that's exactly what Obama did when he made those irresponsible statements Tuesday night, including calling out members of the Congress who believe he's wrong to pursue burying the nation deeper in debt.
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