The debt limit can be seen as a kind of bomb under the American government, placed there by the

rom a biblical perspective, a budget is important to keep the economy flowing in an efficient manner. Proverbs 21:5 KJV says “The thoughts of the diligent tend only to plenteousness; but of every one that is hasty only to want.” Diligently planning and constructing a balanced budget is a biblical principle. The issue with the federal budget in regards to a biblical perspective is that the budget is not always balanced, and at times money is spent on activities that are not biblical. A balanced budget is crucial because having large amounts of debt is not a biblical principle. “We can see that debt is figured in scripture in various places as a potential means of God’s judgment against rebellious nations” (Anderson, 2013, p. 5). God does not condone large amounts of debt, such as what the federal budget contains.

The Department of the Treasury is the executive department that deals largely with creating policies that will be beneficial to the United States economy and the government’s finances. The responsibilities of the Department of the Treasury include paying the bills for the federal government, collecting taxes from the citizens, borrowing and lending money, creating currency, and supervising the national banks (Sidlow). The duties of the secretary of the treasury affect all United States citizens’ everyday lives due to the fact that he or she is dealing with all taxes and currency in the nation. Anyone who is receiving benefits from the federal government would be affected by changes or creation of any policies. The secretary of the treasury

In 1917, the United States Congress applied the concept of a "debt ceiling". Prior to 1917, Congress had to directly authorize the amount of each borrowing. The debt ceiling was put in place to provide more flexibility to finance the US involvement in World War I. After the application of the debt ceiling, the United States Treasury could borrow any amount needed as long as it keeps the total at or below the authorized ceiling. I believe a debt ceiling is a very necessary component of American politics as long as it is used correctly; however, it has been abused by frequent increases, and should be monitored more effectively.

The recent clash between the president and congress about raising the debt ceiling made the front page on every newspaper throughout the country and generated controversy of unimaginable proportion among the citizens of the United States of America (College for Financial Planning). No macroeconomics issue is more controversial today than the impact of large public debt on the economy and on future generations, but, however, there appears to be a huge disconnect between professional, political leaders, and the ordinary public about the national debt and its impact on the current and future

Another source of presidential power that stems from the Constitution is the deceptively simple fact that the American president is both head of state and head of government (Romance, July 27). Unlike in several other democracies, such as in Great Britain where these two functions are split between the monarch and a prime minister, an American president has the ability to both symbolically represent the and to lead the nation (July 27). Even this is both a blessing and a curse because it forces a president to constantly live both roles and know exactly when to stress the appropriate one over the other (July 27).

Some has likened the United States current debt problems as the “Titanic.” A foreboding doom that will affect every citizen in America. One may ask about where and who this problem started with, one will probably obtain different answers. Currently, the United States credit is maxed out and credit rating could be affected even if payments continues to be made. It has also been said by the president that even Social Security and Medicare recipients may not obtain their money if the two August deadline is not met to raise the debt ceiling. Tough choices

There are many issues with the U.S. economy that are up for debate and in need of corrections. Possibly the most alarming issue that is not garnering enough attention is the looming debt ceiling crisis the U.S. is currently facing. The debt ceiling is the amount the U.S. can borrow to pay its bills and avoid default. Congress has acted on the debt ceiling 78 separate times by raising, temporarily extending, or revising the definition of the debt limit since 1960 (Pianin, 2017). These actions are necessary to avoid the government facing default on its debt. The government must act to avoid default by raising the debt ceiling or abolish the debt ceiling.

We hear about the debt almost every day: news talks about it, politicians argue about it, even President Obama gives speeches on it. So what is the significance behind it? In this article I am going to explain briefly what the national debt is, how big it is, and what it has to do with us.

The mandatory balanced budget is another topic that is thrown around in Congress. According to Wikipedia, every state with the exception of Vermont contains some sort of a balanced budget. Our Federal Government does not. Our Federal Government is not required to have a balanced budget. With that being said, that means that as long as the bill is passed, they are allowed to spend as they please. No wonder why our debt is almost at twenty trillion..

The United States is less than $300 billion away from our debt ceiling, what would another $1 trillion in debt do to our country? Experts predict “crippling” results. Even in the best case scenario, the value of U.S. bonds and currency would be destroyed. If the U.S. did default, markets around the world would see the effects (Sahadi). If the U.S. government is about to lose the ability to pay its own bills, why is the president trying to reform health-care knowing it will add to the already outstanding debt?

     Like every other government controlled organization there is a group of people who are control of Fiscal Policy. There is a Council of Economics. These men are called Council of Economic Advisors. In the Council of Advisors there are three people. There is a Chairmen and two members. Even though there are not a lot of people in this council it is a very important council. These three men are very influential to the President. The Council of Economic Advisors haves five main jobs to do.

The U.S debt limit is a legislative mechanism to limit the amount of debt the United States can acquire. It does this by limiting the amount of money the Department of the Treasury can borrow. The debt ceiling stops the U.S. from paying for expenditures after the limit has been reached. The debt ceiling stems from the constitution in article one which governs all of congress allowing congress to borrow money on the credit of the entire United States. According to the constitution all spending bills must originate in the House of Representatives. The debt ceiling as we know today was established by the First Liberty Bond Act. This act allowed us acquire debt in the form of bonds; the act established a $5 billion aggregate limit on the amount

Federal spending is necessary for the economy and is essential to the accomplishment of national goals and advancement. This is why a budget is needed, however, there is no actual process mentioned in the Constitution that explains how Congress should do this. The Constitution states:

Throughout most of the country’s history, the United States’ federal government maintained a reasonable level of national debt. For example, the total national debt in 1981 was $998 billion. Since then, however, the government has generated significant budget deficits, and the level of debt has risen to $16.7 trillion in 2013 (Calleo, 39). Budget deficits are caused

Congress created another organization for the President. This one was called the Executive Office of the President. One thing that happened was that the Bureau of the Budget, which was in the Treasure department, was moved to the Executive Office of the President. Congress is also responsible for providing the concept of a White House staff for the President to help him with all of the tasks delegated to him. However, the President has had the right to hire many of the people on his staff and the size of the staff changes with every presidency.