Raising the Debt Ceiling

Six months ago, President Obama told the Republicans that we have to raise the debt ceiling. The GOP first denied but later decided that in return, there must be massive budget cuts. On July 11th, Barack Obama stated that he is agreeing to bargain with the Republicans by making almost $4 trillion worth of budget cuts in welfare programs – such as Medicaid, Medicare, Social Security, and food stamps – in the next 10 years. Obviously, Obama was expecting something in return. But instead, the Majority Leader of the House of Representatives Eric Cantor explained that the compromise from the GOP's side is "the fact that we have been discussing voting for a debt ceiling increase. I don't think the White House understands how difficult it is for fiscal conservatives to say that they are going to vote for a debt ceiling increase." So while President Obama is giving the Republicans everything they want, they will still stand tall without moving an inch from their stance.

The massive budget cuts that President Obama is proposing are going to severely damage the lives of the poor and the middle class. His plan did not include any job opportunities for the unemployed. The Republicans are still stubborn with their opposition to raise the taxes on the super rich and large corporations. So while the economy is plummeting, the ones who suffer are the disadvantaged and underprivileged masses.

For more information on the debt ceiling crisis:
http://www.wreporter.com/usa/debt-ceiling-no-agreement-in-washington/
http://www.wreporter.com/usa/debt-crisis-first-signs-of-compromise/