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All Press Releases for January 21, 2013 »
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Timothy Day Comments on Debt Ceiling Debate in Response to Fiscal Cliff Aversion

Now that the United States government has resolved the fiscal cliff, there is heavy concentration on partisan divide in the imminent debt ceiling debate. Economist Timothy Day weighs in on this developing story.
 
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    PHILADELPHIA, PA, January 21, 2013 /24-7PressRelease/ -- Although some Americans may feel relieved after the fiscal cliff threat was narrowly averted through an agreement to raise taxes, many anticipate heavier debates between Republican and Democratic representatives on the approaching debt ceiling. According to a recent article from CBS News, building tension is highlighted as Treasury Secretary Timothy Geitner reported that the U.S. government has reached its borrowing limit of $16.4 trillion. Now that the debt ceiling has become more of an apparent struggle, President Obama and Congress have only two months to decide if that limit shall be raised. However, Republicans remain opposed to the increase unless spending cuts are initiated. Timothy Day, leading economist and financial expert, disagrees with the GOP approach. He believes that refusing to raise the debt ceiling could impact America's still recovering economy.

CBS cites Obama's recent weekly media address during which he stated, "One thing I will not compromise over is whether or not Congress should pay the tab for a bill they've already racked up. If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic." Despite these consequences, Republican opponents are fighting for spending cuts in an effort to protect small businesses and future generations.

From Timothy Day perspective, the actions of the Republican Party have the opportunity to place America back into a cycle of economic instability. He explains, "The Republican Party's insistence that any spending cut be tied to the debt ceiling debate will result in a rerun of August 2011. During this time, the Dow fell 10 percent in two weeks. The U.S. financial system was once again brought to the precipice. The deal that was reached resulted in the budget deal that led to the recent fiscal cliff."

Republicans feel the recent income tax increase has allowed them to serve as the leading voice of reason in the spending argument. However, the article suggests that as the March deadline approaches, it may be difficult for Obama to increase the debt limit without issuing some spending cuts, even if in an indirect manner. Although this debate will take various positions in the upcoming months, Timothy Day notes the importance of looking at long-term economics. Day concludes, "If nothing is done to the fix the country's long-term spending and tax problem, investors will soon lose patience in Washington putting the entire world economy at risk."

ABOUT:

Timothy Day is a talented professional who has filled many roles within the professional world of finance and economics. As a respected individual within his career field, he is accomplished as an accountant, manager, transfer pricing economist and educator. Timothy Day has also provided extensive economic knowledge and support in relation to legal matters, multinational projects, and comprehensive financial analyses.



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