Shortly before adjourning at the end of 2009, Congress passed
legislation providing a $290 billion increase to the $12.1 trillion
limit on the national debt. The measure is expected to last only
two months before the limit must be raised again to avoid a default
on the government's obligations, forcing Congress to revisit the
issue this month. How Congress handles the matter may be the first
real step toward addressing the long-term fiscal crisis facing the
U.S.
The short-term debt limit extension became necessary when
congressional leaders could not garner enough votes to pass their
original proposal—a $1.8 trillion increase designed to last
through this year. In mid-December 2009, a group of moderate
Democratic senators sent Senate Majority Leader Harry Reid (D-Nev.)
a letter indicating they would not vote for the year-long debt
limit increase unless the Senate also voted to create a special
commission to address the U.S.' long-term fiscal problems. In the
face of this opposition, Democratic leaders were forced to scrap
their original proposal in favor of the short-term fix.
The revolt against a long-term debt limit extension demonstrates
that some lawmakers are reacting to mounting public concern
regarding the debt being incurred by the federal government. A
recent editorial in The Washington Post noted that during
2009, the U.S.' long-term debt "soared from 41 percent of the gross
domestic product to 53 percent" compared with an average of 37
percent during the past 50 years. The editorial also noted the
national debt is "on track to rise to a crushing 85 percent
of...
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