Those of us who live in the United States woke Tuesday morning to a “partial government shutdown.” Partial means, roughly speaking, that air traffic controllers go to work but park rangers do not. The shutdown is the result of the failure of Congress to pass a budget—or in lieu of a budget, a continuing resolution—in time for the October 1 start of the 2014 fiscal year.
Even if the shutdown is resolved in the next few
days, another round of chaos looms at mid-month, when Congress must
authorize an increase in the debt ceiling in order for the government to
continue making interest and principal payments on debts that the same
Congress previously authorized the government to accumulate.
conservative Republicans say that measures like government shutdowns and
debt-ceiling freezes are necessary because taxation and government
spending are out of control and public debt is rapidly becoming
unsustainable. How much truth is there to those charges? Just how bad,
really, is U.S. fiscal policy, and what should be done to fix it? >>>Read more