Congressman Sanford Bishop speaks on U.S. debt ceiling - WALB.com, South Georgia News, Weather, Sports

Congressman Sanford Bishop speaks on U.S. debt ceiling

The latest buzz in government is the proposal of our debt ceiling, or the legal limit of debt spending for the United States. It works a lot like a credit card.

According to Congressman Sanford Bishop this amount is above the mandated limit threatening the economic balance of the government.

"It's like a credit limit on a credit card, right now the country has $14.3 trillion in debt. In order for us pay our obligations and to pay our bills, we need a debt limit"

Bishop and other supporters in congress feel it's necessary to raise the limit to allow the U.S. to support the economy. They believe it will allow the government to continue functioning.

"We have to find a framework towards reducing spending balancing our budget, and producing as stronger economy", says Bishop.

Bishop claims that if the ceiling isn't raised it could be catastrophic for our country. "You can expect mortgage payments to go up doer some families as much as $1000 you can expect the cost of food to increase".

Opponents say cutting away from the budget is more productive.

Supporters also believe if the ceiling isn't raised there will be many side affects including job losses.

"If we are not in a position to pay our debts it means more people will lose their jobs"

Bishop says if the US defaults on its debts, funding would dry up for benefits like social security and medicare.

Copyright 2011 WALB.  All rights reserved.

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