The Federal government will soon have to address the matter of the debt ceiling. Both sides will undoubtedly come to some conclusion that raising the ceiling is the only possible course of action. We have seen this time and time again.
Individuals and corporations cannot raise their own debt ceiling just because limits are "inconvenient". Debt is destroying this country. It needs to stop right now, at all cost. We may need to shut down some really desired programs, but debt is not a viable option.
I propose that we freeze the debt ceiling where it is for two years, then force mandatory reductions of 5% per year.
Only the wealthy can get elected, and they aren't threatened by irresponsible spending and debt. The "Joe Schmoe's" of this country are being buried in taxes and debt.