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Tuesday evening our President addressed the nation and informed us that a deal had indeed been cut. Following this address, there will certainly be some that think the fiscal storm for our country has passed. On the contrary, this was just the first line of storms that Congressional leaders must navigate in the coming months; two months to be exact, with the next storm on the horizon being the nation's debt limit and our country's ability to cover its obligations.
According to the Washington Post, "If Congress does not increase the debt ceiling, the government will quickly run out of ways to pay the nation's bills and make interest payments on the nation's outstanding debt. Any failure by the government to meet its financial obligations could be seen as a default, shaking world financial markets, given the special role that U.S. government bonds play in the global economy." Furthermore, a default according to most experts would thrust the U.S. economy back into a recession and another possible downgrade to our nation's credit ratings.
So in two short months we will all again stand precariously close to edge of that proverbial fiscal cliff because our leaders in Washington have kicked the deficit and spending can down the road. It's time we get our fiscal house in order once and for all so this country can start a legitimate recovery. The first step to getting our fiscal house in order is to have leaders with the courage to make the tough decisions. I hope they can stop worrying about reelection long enough to find some. Don't hold your breath.
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