Negotiate a Debt Settlement

Can the Congress and the President agree on legislation that will eventually eliminate the debt?why or why not

the national debt of the united states government has been a matter of concern for a number of years.discuss several factors that have contributed to the continual increase in the debt.

Public Comments

1. The debt is so huge that it would have to be canceled in order to be eliminated. that is not going to happen, because that would cause almost every bank in American to go under and wipe out the savings of every American. The stock market would crash and the dollar would become worthless.
2. No Clinton fixed it & Bush made it worse than it had ever been. Same way he ran his companies into the ground.
3. Yes, as soon as the people stop expecting handouts from the government (both here and abroad).
4. It was balanced with an excess when the Republicans took over. They control the government now...they should be already be in agreement.
5. every year the debt will increase. USA has a huge debt but it is a rich country. If they agree on something they could eliminate a little of the debt but not all. The thing is that USA has to be really poor beacuse of the debt its just a simply matter of economics a man who gets a loan and cant payed it back loses his materials.but they are rich so who cares about the debt while they are poor people dying and soldiers getting killed and the pockets of politicians are getting filled.
6. No, unfortunately Bush will sign a new law pretty soon to allow the debt to rack up to $9 trillion.
7. It's possible, but I would say it's very unlikely in the near future. There are two solutions for eliminating debt- raising taxes or reducing spending. Both are politically unpopular, the former more so for Republicans and the latter more so for Democrats. Substantial numbers of both parties also still believe in Keynesian economic theory, part of which includes the idea that deficit spending is the way to get an economy out of an economic slow down or recession. So long as this theory holds adherents in Congress, there will always be pressure to run up the deficit whenever the business cycle is in one of its down periods. The only situation where the debt could be reduced is probably a period of relative peace, stability, and divided government. This is what the country was like in the 1990's, when the debt was decreased. Peace and stability deprive the government of excuses for raising spending. Divided government does this as well, along with preventing drastic changes in spending or taxing.
8. Before Bush leaves the White House, he will create a new law to allow the US Treasury to print extra money to offset the national debt. So do not worry...everything is under control. Remember that God talks to Bush and he will make him a winner.