Like a speeding train headed for a cliff, the conductor knows impending catastrophe is rapidly approaching and the time to act is running out. Just like that conductor, America is now facing a similar scenario as the deficits the country is racking up are reaching unsustainable levels.
The current White House administration has enacted record breaking spending packages like, TARP part two, stimulus one and two as well as a new trillion-dollar health care entitlement program.
While the country continues to face a stubborn recession and families tightened their budgets in order to wait out the economic storm, President Obama continues to put forth larger than life yearly budgets with massive spending programs and no budgetary control in sight.
However, team Obama has put together a debt commission. The co-chairs, Erskine Bowles a Democrat and Alan Simpson a Republican are searching for a solutions regarding America’s impending financial doomsday.
The commission says that at all options are on the table during their first once month meetings. They expect to present the President with their findings right after the November mid-term elections.
The commission is made up of 10 Democrats and eight Republicans and for a recommendation to move forward they must have 14 of the 18 members in agreement. This will not be easy considering the Senate cannot come up with 60 of 100 votes to move legislation ahead.