President Barack Obama’s plan involves raising the debt ceiling as well as raising taxes in order for the country to weather the financial storm it currently is in. Doing both is, according to supporters of Obama’s plans, necessary for the government to generate the money needed to fund government expenses and to service the country’s debt.
However, there are arguments that what the government should do now is to cut down on expenses and address the country’s financial problems the old-fashioned way -- through radical national belt-tightening.
