Senator Blunt says he won’t vote to allow the federal government to raise the debt ceiling until the federal government promises to make some changes. The debt ceiling is the self-imposed limit on borrowing from other nations and our own institutions like Social Security.
Blunt says President Obama will have to make compromise get enough votes to allow the government to borrow over their 14.7 trillion dollar limit. He says though Obama can agree to spending caps over the next ten years, it’s only the ones that being during his term that are enforceable.
Spending caps are a set limit on the amount of money the federal government can spend on something; Education or Defense are two examples.
The decision on whether to raise the limit will be voted on in August. If the government decides not to raise the debt limit, it could cause economic problems.