Conservatives in the house have proposed a plan called “Cut, Cap and Balance” that would consist of “substantial spending cuts, ...a statutory spending cap, and Congressional passage of a Balanced Budget Amendment to the Constitution.”
Senators McConnell (R-KY) and Reid (D-NV) and Nancy Pelosi (D-CA) have proposed a plan that the conservatives who have proposed the “Cut, Cap, and Balance Act” have deemed the “Cut, Run, and Hide Plan.”
This plan consists of a debt ceiling increase of $2.5 trillion “without any guaranteed spending cuts or reforms.”
According to Senator Marco Rubio (R-FL), the real problem isn’t the debt ceiling, it is the debt. If the disaster is to be averted, then whatever plan is adopted must have a realistic, long-term solution to the debt problem.
In my opinion, the only real solution would be harsh budget cuts. Because of President Obama, the US has immense debt and the best solution would be to cut spending harshly, which would stimulate the economy, which would provide government revenue.