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Debt Crisis

Debt Crisis

   Well, Congress finally came to its senses and raised the debt ceiling... but the government shutdown cost the US economy $300 million dollars a day, put a million people out of work, caused turmoil in the stock market, jeopardized America's credit rating and increased the cost of borrowing!

   Sadly, their solution will only last three months. So, we're likely to face the same debt ceiling battle come January. 

   Republicans initially argued the debt ceiling was over Obamacare. When that didn't work they said the issue was cutting government spending. 

   Whatever the reason, the GOP damaged its business friendly reputation. CEO's and the US Chamber of Commerce made it clear they didn't want the government to shut down and supported raising the debt limit. 

   Unlike those members of Congress who supported shutting down the government, business people and the general public know we have to pay our bills.

   Increasing the debt ceiling wasn't to increase spending... it was to pay the bills for things Congress already bought. 

   The truth is the battle was all politics. Political extremists not only hurt their party, they made America look like a banana republic. 

   For people so hell-bent on cutting spending and making government work, Congress will give the 850,000 government workers they sent home pay they would have received if they had worked... even though they didn't. 

   Mind you, Congress got paid during the shutdown... I'm guessing that if shutdown meant Congress wouldn't get paid - we'd never have had a shutdown. 

   Congress got their paychecks... but they sure didn't earn it. 

For Common Sense, I'm Vince Orza. 

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