Today is June 25. Within a very few weeks – by Aug. 2 – members of Congress are expected to have to make a huge financial decision: whether to raise our so-called “debt limit.”
• Democrats generally want a higher debt limit – accompanied by tax increases and some small spending cuts. They say that will begin to get a handle on our $14.3 trillion national debt.
• Republicans mostly want big spending cuts and no tax increases as the path toward getting control of the debt. They are unwilling to boost the misnamed “debt limit” without necessary, corresponding cuts in federal spending.
The issue is becoming more heated by the day, because at the current rate of congressional spending, even the Treasury’s “creative accounting” won’t let it avoid the debt limit beyond Aug. 2, just a little more than a month from now.
What do you want Congress to do?