Fixing the Debt Problem

There are less than two weeks until the United States government defaults on its debt. The $14 trillion ceiling must be raised or otherwise dealt with by August 2 in order to avoid defaulting on loans.

President Barack Obama has been engaged in negotiations and debate with House Speaker John Boehner (R-Ohio), Mitch McConnell (R-Kentucky) and numerous other Republicans. Democrats and Republicans continue to be cautiously optimistic and report some form of progress while the issue itself appears to have larger problems that prevent it from being resolved completely.

One of the biggest obstacles preventing a deal is taxes. Democrats want to end the Bush Tax Cuts for the wealthiest 2% of Americans. They also want to close corporate tax loopholes and impose a tax on Americans who make $250,000 or more.

Republicans are against these measures, saying the tax increases will halt the recovery to the suffering economy.

What recovery? The country is already deep in a recession and Americans everywhere are looking for a way out of it. Both sides of the political aisle are not accomplishing anything by walking up to the podium, putting on a smile and talking about, "what's best for the American people."

The fallout from this issue will be huge economically and politically. Squabbling while millions continue to be out of work does not accomplish anything.

Here is my solution to solving this crisis:

• Repeal the Bush Tax Cuts
• Close half the corporate tax loopholes
• Raise taxes on Americans making at least $250,000 by 2.5%
• Cut lawmakers' salaries by 10%
• Cut staffers' salaries by an amount between 1% and 5%

These steps will not solve the issue overnight but it will be a good start toward solving the debt crisis. This will help the nation tackle the problem that has plagued the country throughout history. Staying in debt and accumulating more is not a solution. A housing crisis and credit crunch has shown us that already.