Time is running out.
Either America raises its debt ceiling to $16.7 trillion or the country faces the possibility of defaulting on its bills. Without enough money in the coffers to pay all the country’s obligations, Treasury Secretary Jack Lew says on Oct. 17 he will lose the ability to borrow enough cash to prevent America from going into financial default.
"I'm telling you that on the 17th, we run out of the ability to borrow, and Congress is playing with fire," the Huffington Post quoted Lew as saying.
While Democrats want Congress to pass a “clean” spending bill that will raise the debt ceiling, some Republicans say doing so without also addressing spending cuts – including the costs of covering the Affordable Health Care Act – is irresponsible.
"We should look for three things. No. 1, we should look for some significant structural plan to reduce government spending. No. 2, we should avoid new taxes. And No. 3, we should look for ways to mitigate the harms from 'Obamacare,'" Sen. Ted Cruz, R-Texas, was quoted by the Post as saying.
Cruz said the debt ceiling issue provides Congress with its “best leverage” to “rein in the executive.”
Raising the debt ceiling to cover America’s financial obligations is nothing new. The Washington Post says it’s been done numerous times in the past.
In his Senatorial days, President Barack Obama even voted against raising the debt ceiling. Back then, he called the action a “sign of leadership failure,” according to Snopes.com. “It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.”
What do you think, Tampa Bay? Should Congress raise the debt ceiling? Or, is it time to curb spending before passing an increase and ending the government shutdown? Tell us your thoughts by commenting below!