Politics & Government

Question of the Day: 'Historic' Debt Compromise?

Would you describe a raise to the $14.3 trillion debt ceiling as an accomplishment for America and its leaders?

The current debt ceiling debate, which has dominated the scene on Capitol Hill lately, is apparently heading for a resolution with top lawmakers and President Barack Obama agreeing Sunday to a tentative $2.5 trillion increase to the existing $14.3 trillion debt ceiling which would allow the U.S. to pay its bills through 2012.

A vote on the plan is expected before the Aug. 2 deadline by both houses of Congress.

Senate Majority Leader Harry Reid called the compromise "historic" and "remarkable" because it might prevent a default on U.S. credit. If this is an accurate description of the compromise, what words should be used to describe future legislation which might actually eliminate the massive deficit entirely? — Hint: Historic and remarkable have already been used.

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If the plan is approved, should Democrat or Republican leaders take credit for temporarily solving a problem that they created? Would you describe the tentative agreement as historic or remarkable? Should the agreement be considered an accomplishment by Congress and the president, or are they just doing what they were elected to do? What conclusions can be drawn from the events of the past week regarding the U.S. debt problem and the uphill battle to correct it? 

Let us know what you think in the comment section.

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