MONTGOMERY, AL (WSFA) - Unfortunately that day we editorialized on over a month ago has arrived. On Monday our government reached the $14.3 trillion dollar limit on federal borrowing. That's it – not one more penny can be borrowed as we have drained that pool.
And so the debate begins on the options on the table to deal with and work through this serious issue. Those solutions we will all be hearing about will include raising the debt ceiling, cuts in federal spending, raising taxes or a combination thereof. No meaningful and sustainable solutions will come without debate, compromise and yes - pain.
Treasury Secretary Timothy Geithner is urging Congress to raise the debt ceiling and I quote, "in order to protect the full faith and credit of the United States and avoid catastrophic economic consequences for citizens."
Republican leaders in the House say they won't raise the debt limit until the current administration agrees to spending cuts larger than the debt limit increases to be requested. In other words, if the debt limit is raised by $1 dollar then $2 dollars in budget reform and spending cuts will be required. House Speaker John Boehner expressed the following and I quote, "Americans understand we simply can't keep spending money we don't have."
We all need to pay close attention to what is going to transpire in Washington in the coming weeks as this situation is worked through. This is YOUR country and YOUR future and now is the time to check and pay close attention. We urge everyone to stay informed, ask questions and be open-minded.
We welcome your feedback.