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Credit Card Applications » News » Other » U.S. National Debt Hits $15 Trillion

U.S. National Debt Hits $15 Trillion

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U.S. National Debt Hits $15 Trillion

The bipartisan congressional “super committee” that has been appointed to come up with a workable proposal to eliminate $1.2 trillion from America`s national debt over the next decade has been meeting behind closed doors but seems to be making little progress towards finding a solution. Meanwhile the November 23rd deadline for a plan looms ever closer.

‘They`ve had a lot of conversations, but it feels as if people continue to try to stick with their rigid positions rather than solve the problem,’ remarked president Barack Obama at a recent press conference in regards to the super committee.

The committee, which is comprised of 12 members from both major political parties, is struggling to find common ground specifically on the issues of tax hikes and cutting benefit programs. Those particular issues have historically proven to be immensely challenging for those tasked with negotiating governmental budgets.

In general, Republicans are staunchly opposed to raising taxes while Democrats are putting forth a demand for more revenue prior to giving their OK to any benefit program cuts. A compromise must be reached, but the likelihood of one being reached in time diminishes with every passing day. While the committee in its entirety occasionally does not meet for several days in a row, subgroubs maintain in frequent contact with one another.

The need for an agreement to be reached seems especially dire in light of the fact that the total amount of the U.S. National Debt will surpass the $15 trillion mark before the end of the day on November 16. This unwelcome milestone will do little to boost the spirits of the millions of economically downtrodden American who have been struggling finically ever since the recession began. Although the unemployment rate has improved slightly – going from 9.1% to an even 9% – the jobs report for October revealed that employers added fewer jobs to their payrolls than anticipated by economists.

Even if the super committee manages to come up with a solution for November 23rd, debt-riddled Americans are facing a tough road ahead.

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