Raising nation's debt ceiling becomes high-stakes debate

Townhall.com Staff
Posted: Jun 10, 2011 10:56 AM
Raising nation's debt ceiling becomes high-stakes debate
Washington— It's the most pitched debate in the nation's capital, and how it ends could affect everyone's finances in many ways.

Congress has less than two months to resolve the question of whether to raise the nation's debt ceiling, and those on both sides of the issue are digging in their heels. The White House and congressional Democrats say not raising the ceiling could sink the world economy, while Republicans say the nation's ballooning deficit is more dangerous.

The sparring has revealed wide differences.

The White House warns failing to raise the debt ceiling threatens to sink the economy just as states such as Michigan start to regain their fiscal footing.

Republicans say spending cuts and deficit control are key to economic growth and are demanding that any increase in the borrowing limit be matched with cuts of equal or greater size, though the cuts could be over the next decade or more.

From The Detroit News: http://detnews.com/article/20110610/POLITICS03/106100383/Raising-nation’s-debt-ceiling-becomes-high-stakes-debate#ixzz1OswUNSaa