President Obama, while vacationing in Hawaii with his family for the holidays, still took some time away from that quality time to address reporters and indicate that he was pleased with the last-minute deal that averted the disaster that would have hit had the so-called "fiscal cliff" been reached. He also noted, however, that he "will not compromise" on his insistence that the federal debt ceiling be raised. The president lauded Congress for preventing tax increases for the middle class and raising tax rates on the wealthiest Americans.
But he quickly turned to the issue of the $16.4 trillion debt limit imposed on the country and $100 billion in automatic cuts to military and domestic spending that have been put off for two months thanks to the fiscal cliff deal. On the issue of the debt ceiling, Obama was very clear. "If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic," Obama said. "Our families and our businesses cannot afford that dangerous game again."
It probably has been beaten into the ground by now, but increased borrowing in order to pay money back that you’ve borrowed is not truly a viable strategy. At some point, the spending must drop dramatically. Why the average American doesn’t see this and demand a stop to the limitless spending is a mystery. Echoing that sentiment, Rep. Dave Camp, R-Michigan, noted, "We must identify responsible ways to tackle Washington’s wasteful spending." Camp added that Americans know that "when you have no more money in your account and your credit cards are maxed out, then the spending must stop."
But he quickly turned to the issue of the $16.4 trillion debt limit imposed on the country and $100 billion in automatic cuts to military and domestic spending that have been put off for two months thanks to the fiscal cliff deal. On the issue of the debt ceiling, Obama was very clear. "If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic," Obama said. "Our families and our businesses cannot afford that dangerous game again."
It probably has been beaten into the ground by now, but increased borrowing in order to pay money back that you’ve borrowed is not truly a viable strategy. At some point, the spending must drop dramatically. Why the average American doesn’t see this and demand a stop to the limitless spending is a mystery. Echoing that sentiment, Rep. Dave Camp, R-Michigan, noted, "We must identify responsible ways to tackle Washington’s wasteful spending." Camp added that Americans know that "when you have no more money in your account and your credit cards are maxed out, then the spending must stop."