President Obama & House Speaker Boehner are both trying to convince us that their individual plans are the better plans and that the others plan will destroy America. This saber-rattling is typical for Congress, especially when government control is divided between the parties. However, I find it striking that the debate over the debt ceiling has eclipsed the larger (and in my opinion), more important issue facing our country today - Jobs.
Raising the debt ceiling will not create jobs. Defaulting on our loans will certainly destroy jobs. The debt ceiling has been raised over 70 times over the past several decades, without much complaint from politicians. There are structural issues that need to be dealt with as far as managing our debt and finances are concerned. However, as I stated in an earlier post, massive adjustments to government spending could prove to be detrimental to our fragile recovery.
Alan Silverleib and Tom Cohen from CNN put together a very good article outlining the current stalemate on the deficit. It is balanced and doesn't assign blame - rather it clearly states each side's position and why they believe their side is the better side. Very informative!
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