So, the US debt ceiling crisis/debate. It has been going on for a few months now and is completely nuts. Now, I’m not going to pretend I’m an authority in this field. I am not an economist and actually find economics hard to follow. I will make no secret of this fact.
Here is my problem though, the current debt ceiling debate seems more like a way for the GOP to blackmail the President into getting their way. I think the more mature and reasonable thing to do at this point is to raise the debt ceiling to keep our economy from possibly plunging into another recession and THEN discussing how we’re going to fix our current deficit. What is also amusing is how many representatives (mainly Republican) are crying out about how bad raising the debt ceiling is and how HORRIBLE the government is and yadda yadda yadda. Guess what GOP? The US has raised the debt ceiling numerous times, both DEMOCRATIC and REPUBLICAN houses have voted to do this in the past. NOW you have a problem? I think this has less to do with peoples’ feelings on the debt ceiling idea and more to do with “But I want it my way and I want it NOW” (Think Veruca Salt voice here).
I don’t know how this is going to be resolved. Or even if it will get resolved before the Aug. 2 deadline. My worry? If it doesn’t get resolved by Aug. 2 that the US will lose it’s AAA tier standing. Which then may cause all other interest rates in the US to skyrocket up by a few points. Which would include federal student loan interest rates. You know, those loans that I use to fund my cost of living and tuition here in the UK for my PhD? Yeah, that would be really really bad for me.
Or the other dilemma? That if they do come up with a deal that both parties agree with and can pass by Aug. 2, it will include the option of eliminating subsidized Stafford Direct Loans for students. I know Obama said he wasn’t going to let a bill pass that would “Screw students” but I read on some news site that he may be willing to eliminate subsidized loans for graduate students. In which case I WILL be royally screwed. There isn’t a large part of my loans that are subsidized but those that I do get are really really helpful to me.
So every day I go online, I catch up on the current news on this debate and I wring my hands. It’s possible that my educational career abroad may be cut drastically short.