It’s been more than two weeks since the government shutdown, and neither party has batted an eyelash.
The Grand Old Party continued to uphold its delusions of what it assumed would be a “walk in the park,” causing the government shutdown.
We’ve seen the damages the shutdown has done to families and businesses, but what happens if we hit the $16.7 trillion debt limit?
The debt ceiling sets a legal limit on how much the federal government can borrow. The government will have to prioritize its expenses and result in spending cuts on programs.
President Barack Obama said if the debt limit is reached, forcing the United States to default on its obligations for the first time in history, it would be far more dangerous than a government shutdown. It would be an economic shutdown.
According to Mark Patterson, former treasury chief of staff under Obama, the government will owe $12 billion in Social Security payments and $6 billion in interest payments on the debt by the end of this month, followed by another $58 million in Social Security, Medicare and military and veterans’ benefits.
If we reach the point of default, the president would have to decide whom to pay and whom to defer. Going into default may very well send the U.S. back into a Great Recession.
According to The Wall Street Journal, interest rates will likely rise and the bond and stock markets would become extremely volatile.
If the government has never felt connected to the American people before, it can look forward to functioning like many Americans living paycheck to paycheck but from money received through federal taxes.
John Boehner, speaker of the House of Representatives, claims he wants to raise the debt ceiling deadline. Ironically, in order to give his approval, cuts have to be made, such as delaying or deleting Obamacare.
Unfortunately for Obama, doing what’s best for the economy comes with a price.
“I will not negotiate over Congress’ responsibility to pay bills it’s already racked up,” Obama said. “Nobody gets to hurt our economy and millions of hardworking Americans over a law you don’t like.”
It is bewildering to believe that civilization has reached a level where it is judicious to negotiate our commitments.
This irrational tactic by the Republican Party can also be intentionally done to tarnish Obama’s presidential reputation and the future of the little black kids who dream to be the next black president.
But is this all worth the risks?
It’s similar to watching your parents argue over what is best for the family, but each person only hears him or herself.
We should not be forced into another recession and economic turmoil due to lack of cooperation of both parties. This feud is not worth the risks of reaching the debt ceiling deadline, especially at the expense of the American people. It should not be tolerated.