The Debt Limit was created to curb the amount of government spending that is allowed within a certain time frame. The government is only allowed to borrow and spend an amount that has to be approved by the president and our congress. Our forefathers created this system to provide safeguards for unlimited spending. Our current debt limit has been raised consistently over the last 12 years, and there has been no curbing of debt, only an increased limit on how much our government can spend. Unless our debt starts being paid off, our children and our children's children will be dealing with a financial atrocity that won't be able to be paid off.
Some links that have helped me understand more our governments finances have been these.....
https://www.youtube.com/watch?v=KIbkoop4AYE&noredirect=1
http://www.heritage.org/research/reports/2014/02/blank-check-what-it-means-to-suspend-the-debt-limit
Debt limit. (2014) U.S. Department of the Treasury. Retrieved from http://www.treasury.gov/initiatives/pages/debtlimit.aspx
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