During the 2016 United States Presidential Elections, Donald J. Trump, who was the republican nominee at the time, promised several extensive tax cuts for Americans and corporations. Following his election to the office of President in January, thousands of American business owners held off on the submission of their previous year’s tax returns in hopes of benefiting from the new President’s tax cuts. In recent days, government officials have discussed the impact of this delayed season for tax returns and how it will affect both the American and global economies. Because businesses have reportedly been shifting more income accounts to the side for future reporting (in hopes of benefiting from tax breaks), government officials are worried that the federal government may hit its debt ceiling at a faster rate than they had originally planned.
In recent years, partisan squabbling over debt ceiling increases has resulted in the loss of the country’s former triple A credit status as recorded in Standard & Poors. While conservative members of congress usually use the required vote to raise the debt ceiling to argue for spending limits and decreases, the democrats (always looking to expand the scope of the federal government) usually argue in favor of the spending increases. While the debt ceiling increase does not typically require a vote until the later quarter of each fiscal year (normally October), government officials fear that the limited amount of tax returns received may cause the vote to occur much earlier in the year.
Although government officials are attempting to prepare the public for an economic stalemate by directly connecting a potential debt ceiling crisis to the nomination of the new president, outcries from the public are not approving of the obvious attempt to shift blame. The United States government debt ceiling currently allows the country to borrow 19.8 trillion dollars, an unspeakable amount of money that continues to rise with the reign of each new president. If the government hits its debt ceiling before it expected to do so, citizens of the country are calling for its government to exercise the common sense that each American family must use to manage personal budgets and finally apply major cuts to spending.