Currently, the United States has reached the debt ceiling previously set at just over 14 trillion dollars. On May 16, the debt ceiling was reached, sparking a debate over whether or not to raise the debt ceiling. There are two main schools of thought that are being argued right now in Congress – Democrats believe we should raise the debt ceiling, thus buying us time to deal with our problems. Republicans, on the other hand, wish to default on our loans, and instead work on decreasing spending and raising taxes to pay off our debts.
As it stands currently, the government ...
