US lawmakers’ move also followed a government shutdown last year which was the direct result of a political stalemate over raising the debt limit.
However, Mike Harris, a financial editor at Veterans Today, says suspending the US debt limit would not resolve America’s economic problems and fundamental changes are needed.
“First of all, Congress was compelled [to suspend the debt limit]; it didn’t have a choice. They had to raise the debt ceiling or else the government would stop functioning,” said Harris in a phone interview with Press TV on Thursday. However, “the problem is that we spend more than we collect.”
“It’s time for some draconian cuts in defense spending. It’s time for some restructuring of how our basic economy works,” he added.
Harris also said that the free-trade agreements are “an unmitigated disaster for the US economy” and they are actually “biased trade” not free trade.
Taking a Closer Look at the Stories Ignored by the Mainstream Media