DUK....Debt Debate?

The National Debt Clock is a handy, but a little complicated, tool to visualize the US National Debt. I particularly like that it says that the debt per US citizen is $46,634! That's a lot of money!

Anyways, the news is all about the debt debate. I thought I would cover it quickly. The debt debate is about how the US government has reached its maximum amount it can borrow to pay its bills [such as pensions, government health insurance, and other fundings]. Legally, only Congress can raise this debt ceiling. Currently, a compromise is trying to be worked out between both the Republicans and [minor amount of] Democrats of the House of Representatives and the Obama Administration. But of course, these different political parties have different ideas of what to do.

It's very hard to kind of put what each political party is saying in a nutshell. Even each political party is divided. And every day, the new stories changes. Each political party has been debating on whether or not to raise the debt ceiling but merely a few hours ago, CNN has posted an article stating that both political parties have agreed, publicly, that the debt ceiling must be raised.

So in the end, where might this all be headed?

It's a good guess the debt ceiling will raise. Political parties are debating on a grand bargain package compromise consisting of a way to increase revenue and cut spending. Which is very hard to do because both political parties have different ideas of how these things should happen. For instance, some want taxes to be raised and others do not. Some want Medicare and Social Security spending be cut and others do not. Also another big factor that shows how upset American citizens are with the government is the lack of maturity. On the news, all it seems is politicians bickering back and forth with each other. They really need to put it together, don't you think?

It's all very confusing. As I was doing my research, many different news articles and reporters had different things to say. We'll need to see what the results are on August 2nd.