Commentary
As the debt ceiling debate looms, U.S. national security may be at risk while welfare is safe.
The U.S. Constitution states that the purpose of the government is “to establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity.”
Achieving these goals requires government spending. This spending is supposed to occur within the federal budget, largely funded by taxes. When government spending exceeds its revenue, it creates debt by selling bonds.
With the U.S. debt already standing at $31.46 trillion, many lawmakers oppose raising the debt ceiling as a way of reining in government spending. They hope to eliminate the deficit, so the nation can begin to look for ways to pay off the debt. But like many polarizing political debates, there is no simple fix to the looming debt ceiling issue. And the fallout could jeopardize national security….