The problem with the whole debt ceiling debate and conversation in this country is that the average American doesn't understand what it is. It sounds like raising the amount we can charge to the national credit card, right? WRONG. **Raising the debt ceiling simply allows us to pay the bill Congress has ALREADY charged.** Those who want to use raising the ceiling as a bargaining chip can only do so because they scare the American people who don't really understand what it is. It DOES NOT give Congress the ability to charge more. It represents what has ALREADY been spent - therefore - yes, we reach it inevitably.
We (the United States) are in over our heads! We have so much debt as it is... and to think that when Clinton left the office we had so much EXTRA money in storage. This is really such a terrible thing, but I think we have already reached our breaking point.
The US has a history of irresponsible spending. The expenses of the government have depended on debt. The books haven't been balanced since Andrew Jackson was president. Not to mention our currency is highly dependent on securities sold to foreign governments, such as the Chinese. With this poor record, I see a high probability of hitting the debt ceiling.
The president in legal terms is responsible for our budget, while actually the congress can totally rewrite THE BUDGET or throw it out the window entirely, the president is there only to approve it. Then the president is legally required to spend that money and borrow more if there's not enough, but he is also not allowed to borrow more money than congress has told him to (the debt limit). If government reaches the debt limit congress can always raise it. Then why is there so much debate going on the TV about it if they can just raise it? POLITICS. This creates a problem that congress can blame on the president, with a simple solution, and that only the congress can solve. This topic is used by the congress as a political leverage. So... This means that hitting the limit would cause a collapse of the U.S. Economy, but it never actually will. It's a financial weapon of mass destruction chained to the U.S. Government by the U.S. Government. ( If you want to see more in detail just watch C.G.P. Grey on youtube)
Like many families whose spending is out of control, the US will probably extend its concept of acceptable debt before it ever manages to bring spending under control. Families often do not recognize where they are spending money unnecessarily and neither does government. It is really no longer necessary to maintain the size of the military that we have, and military spending is often subject to extreme waste and mismanagement. However, we continue to think of our military strength as a integral to our position in the world. It is similar to a family that does not consider having hundreds of TV channels to be a waste.