" The Democrats brought events to this pass by neglecting to pass a budget last year, when they had control of both the House and the Senate. The Republicans, for their part, refused to accept a Democratic offer to cut the very amount their own leaders had originally proposed back in February, $75 billion, and instead held out for $100 billion"
The approach of both sides was inefficient considering the goal is to lower the government deficit given that the congress will have to raise the government debt ceiling it imposes.
3 comments:
I read a article the other day regarding the U.S. government pushed the Chinese government to appriciate its currency to reduce U.S. deficit. In this article, it says that U.S. government is still running deficit in the year 2011. As far as I am concerned, cut the military spending, and keep push Chinese government to appriciate its currency can be a way to reduce deficit.
Xing offers a point that many Democratic lawmakers made with regard to the proposed budget deficit. Republicans, and especially the Tea Party contingent have shown that they are serious about reducing the deficit. This is all well and good, but when Democrats proposed cutting defense spending, which accounts for around 5 percent of GDP, Republicans became outraged!
Instead, Republicans looked to cutting funding for organizations like Planned Parenthood, and NPR. These proposals certainly call into question Republicans' seriousness about reducing the deficit because they are minuscule parts of the budget. It seems as if they are only paying lip-service to reducing the deficit, and that they have larger ideological goals in mind.
The Republicans and the Democrats must compromise each other to reach a goal and that is to secure America's financial future. It is sad to see how the parties are not cooperating well as they should be and obviously, they are making a mess just to protect the party's interests and not America's. I googled to find out the information about debt ceiling and this article stated that since March 1962, the debt ceiling has been raised 74 times, so that's roughly 2 times a year. So it's quite common.
Nowadays, there should be a law that if there is a shutdown, the lawmakers' pay will be affected instead of disagreeing a budget plan until the last minute. Time costs money!
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