US debt crisis postponed

Over the weekend, US President Obama announced that Congressional leaders have agreed to pass the hike in debt limit. This means that the “debt default” scenario is stricken out. Good news for the US government debtors, and for the world in general. But given the immensity of US federal debt that is rising every year, it is safe to say that the debt crisis has been solved for now but postponed until the next few years.

We hope that a more long-term solution, not the current system of frequent  changes and amendments to the debt limit law, can be reached out later. This means a more long-term solution to the annual accumulation of high budget deficit  Anywhere in the world, debtors, whether individuals or corporations or governments, would want that the money they lent will be repaid.

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