What is US Debt crisis

US Government borrows money like any other government of the world to pay its bills for various expenditures.

US has limits to which the can borrow money and hence be under debt limit. The current limit for amount which can be borrowed is USD 14.3 trillion . The limit has been already reached in May 2011 and calls have been made to raise this limit. Since the limit has been already reached Government stopped payments for two pension schemes.

Now to raise this debt limit law has to be passed by US Congress , Republicans and Democrats have different views on how to deal with this problem.

Although both parties agree that debt has to be reduced some how , but Government want to raise straight away , and Republicans want first to think of decreasing debt and then think of talking on increasing debt limits

A very good summary of What is US debt crisis is present in Guardian website

 

Okay , I am a positive guy with habit to see things positively even if nothing is going right , I am presenting here few graphs which will tend to show some positive side of this all.

Various graphs are presented here to show , US is still largest pumping house of world . The need of the hour is to increase earnings , decrease useless spendings.

The graphs are more or less self explanatory