Vice President Joe Biden and a 'gang of six' Congressional leaders have been in intense talks for weeks to work out a way of how the country's debt can be reduced while maintaining good credit for the country. To us regular folks, they have been working out a way of maintaining good credit in comparison to the rest of the world.
However, today, the top Republican in the negotiations, Rep. Eric Cantor quit the talks. He did not agree that any debt reduction should include raising taxes, especially on corporations and high-income earners. In plain language, he did not agree that in order for the country to reduce its debt, we need to increase the amount of money that the government has, some of which comes from taxing corporations and higher-income individuals.
His argument is that if corporations and high-income individuals are taxed then they cannot create badly needed jobs.
The Democratic Congressional delegates were adamant though that taxes have to be increased in order to pay down the debt while maintaining the country's good credit.
The plot now thickens. The Republican top Senator, Mitch McConnell wants the President in on the fight. Rep. Cantor has bowed out and wants the the Congressional majority leader, John Boehner to take over.
So what next for America's Credit Card? Will it finally explode into smithereens or will our leaders come to a solution?
I, and many Americans are holding our breath.
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