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The debt ceiling is a cap set by Congress on the amount of debt the US government can borrow. This debt applies to both public debt (U.S. bonds for example) and debt owed to federal government trust funds (such as Medicare and Social Security funds.) Let's look back in history, because having a debt limit wasn't the way federal spending was originally set up. Prior to 1917, the US Congress would approve each debt issuance separately. Basically, every time the federal government needed to borrow money to meet the country's obligations, Congress came together to approve or disapprove. Since the United States of America's inception, the US Government had incurred debt - especially during war times like the American Revolutionary War. Throughout the early history of the United States, there were times of many surpluses and deficits. And although the national debt had reached $2.7 billion dollars following the Civil War, the US Government changed its practice and returned to running surpluses for the next 47 years - experiencing 36 surpluses and 11 deficits over that time period. But with the passage of the Second Liberty Bond Act of 1917, the practice of running surpluses changed. This act gave the U.S. Treasury significant flexibility in administrating debt. This act granting the Treasury the authority to issue debt as needed to fund government operations as long as the debt did not exceed a certain set amount (the debt ceiling.) In 1917, this debt ceiling was set at $11.5 billion. And with additional changes to the law in 1939, Congress has continued to increase this debt ceiling several times over the past several decades, with the most recent debt ceiling increased to $14.294 trillion on February 12, 2010. And now, the US Congress is considering raising the limit again. On May 16, 2011, the U.S. government hit the debt ceiling. And although the debt limit has increased 74 times since 1962, when is enough, enough? Is it time to look back at the fiscal discipline following the Civil War when surpluses where 55% more likely than deficits. Other questions to consider: Why even have a debt limit anyway if it is increased every time the country reaches that limit? Does the debt ceiling really control spending? How high is too high? As Congress debates over the coming weeks to raise the debt ceiling or to make deep, drastic spending cuts in order to meet the government's debt obligations, these leaders need to rethink its practices and begin dealing with this debt crisis head-on. The current debt limit of $14.294 trillion has reached a critical point in which we cannot borrow anymore.
The international economy has hit a debt wall. Meaning the capital available in the world's economy is not there to cover the debt. This concept of a debt wall has hit families all across the United States. Bankruptcy has seen many homes and businesses across this country. The federal government is not immune to the issue of bankruptcy. Common sense tells us otherwise. America has to cut spending. And the debt ceiling must not be increased in order for this issue to be dealt with in a practical way with swift action before the US federal government hits this devastating debt wall.
To learn more and get involved, visit DebtWall.org. Here you will find critical information about debt ceilings and the debt wall facing the US economy. You can also visit this debt ceiling site to learn more about the current government debt.
Article Source: http://EzineArticles.com/?expert=Greg_H._Lions
==== ==== You missed your high school diploma? Do you know you can get a GED certificate as an alternative which actually keeps you at the level of a High School GRADUATE? You dont have time to take your GED tests during the week to get a high school equivalence? Here is the final chance of getting your GED in one day for a rewarding future. Our final Saturday testing will be on June 2 2012 starting at 8:00am. Call now for an appointment. Visit this blog for contact and address details: http://emmateps.com http://teps999organocoffee.blogspot.com ==== ====