The debt limit can be seen as a kind of bomb under the...

The debt limit can be seen as a kind of bomb under the American government, placed there by the American government. In The United States government splits financial responsibility between Congress and the president. When it comes to the economy the president has two jobs. 1: he/she has to collect taxes 2: spend those taxes to run the government. These two powers give an impression that the president is all-powerful then it comes to economy. And many people share this impression, since the president’s new budget usually is a hot topic on the news even thought it is not really the president’s budget. But the truth is the opposite the president is the one who takes orders. From whom? Congress of course Congress has supreme powers when it†¦show more content†¦In most countries including Denmark the issue would end here. Because if their legislatures approve more spending then income, they also take into account the money they have to borrow. But not in America. In The United States, congress has set the total limit of debt The United States can have. In theory the debt limit is a good idea. But it can have treble consequences. When the United States gets closer to the debt limit, Congress usually act shocked and points to the president’s headless spending that have brought them so close to the debt limit. In theory it was the president (The Department of the Treasury) who the necessary money, to cover the budget. So basically the debt limit is like a boomerang for the Congress. With added terror for the whole World. A good for example of the potential consequences of the debt limit is if the US government builds a new federal building. If the US is at the debt limit then the company need its pay after the work, the government cannot pay out the wages. This can crumble the trust in the American economy. And since most of the world’s economy relies on the American economy being trust worthy, meddling with this trust can have catastrophic consequences. So, why does it take so long time for the two branches to agree? Because: Politics. In the eyes ofShow MoreRelatedThe Ethical Issue Of Software Piracy1530 Words   |  7 Pagesand how a moral system is analogous to a game. Then we are going to analyze how the ethical issue of software piracy is seen from the notion of common moral system according to Gert. Personal morality is an oxymoron So let’s first see why Gert believes that the notion of ‘personal morality† is an oxymoron. According to Gert, a moral system is public because everyone should know and be familiar with the rules that define it. 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