We live in a world of credit. People and organizations alike are allowed to buy goods for which they do not have the funds. The premise is that these goods will be paid for at a later time, perhaps with interest imposed on the price. Individuals fall victim to the trap of high interest everyday and get very little relief when they cannot pay.
The United States is no different than any individual or company. When it buys goods it cannot pay for, it is expected to pay back the charges over time. Raising the debt ceiling is irresponsible because it does not address the basic problem of being in debt. It is time that the U.S. Government took responsibility for its debts by paying them off instead of continuing on a spending spree which keeps our debt spiraling out of control
No, the U.S. should not pass the Full Faith and Credit Act because if we prioritize which debts are paid first it will hurt our borrowing power and possible credit rating as a nation. The U.S. military is stationed worldwide, and as a result many nations benefit from a resulting relative peace. If the United States becomes viewed as unable to operate at current levels, and cutbacks are made, instability in regions of current occupation is possible. This makes this not just a U.S. problem, but a worldwide one with far reaching implications.
The stability of our country is founded on the stability of our economy, and like it or not, that stability is tied directly to our borrowing power around the world. The proposed act would essentially be a license for Congress to default on some of our international loans, which would irreversibly damage our credit standing in the community.
Increasing the amount of debt we're allowed to be in as a Nation doesn't seem like its going to solve any problems to me. That's just masking the problem, so that we can continue our frivolous spending that got us here in the first place. No, the United States needs to cut it's budget instead of expanding it.