The President Obama passed the Debt Ceiling Bill, and it was passed by Congress.  In the America, the federal government can spend their expenditures, when Congress allows it to use the expenditure.  When total expenditure it pays exceeds the revenues it gets, there is budget deficit, and the only way to pay the differences is that government pays them by issuing debt instruments like bonds.  According to federal law, the amount of money that government can borrow is limited by the debt ceiling.  The point of this bill is that U.S. can take on more debt.  There are lots of arguments about it.  Someone said that if U.S. fails to pay interest rates to its bond holders and national debts by not raising debt ceiling.  It can be severe like Sep. 2008, catastrophic economic consequences.  At the same time, someone argues that if government continues growing its debts and budget deficits, it would lessen American potential growth rates.  This is because it might lessen national saving and domestic investment.  Moreover, it makes interest rates high compared with the other.  In other words, a situation become like European crisis.

I cannot decide which one is better option at this point.  The both sides talk their opinions with proper theories.  However, in my opinion, it is not that good to raise debt ceiling, because the higher government debts are, the higher burdens its next generations have.  Government has to think that even though it needs the money to go through the crisis, it has to pay about it later.  In addition to this reason, some European countries which get crisis has serious budget deficit to do welfare programs.