On the evening of July 25, 2011, President Barrack Obama and House Speaker John Boehner addressed the American people on the matter of resolving the crisis surrounding the country’s debt ceiling. The current debt ceiling stands at $14.2 trillion and must be raised to cover the nation’s obligations. This has engendered a political debate as the best way to accomplish this objective. Alternative proposals place more or less emphasis on increasing revenues, decreasing government spending, and ensuring future budgets are balanced.
It’s estimated that the U.S. government will exceed its capacity to function within the current debt ceiling sometime in early August. Thus, with only one week before the end of July, President Obama and Speaker Boehner brought their respective positions to the American people.
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