The Debt crisis in the United States exists with two main camps, the Democrats and the Republicans, in American politics today. Both of these political parties believe that their solutions to this problem are undeniably "right".

According to the Democratic National Committee's platform, the previous Bush administration put us through two wars and enabled tax cuts for the wealthy. The DNC platform contends that this lead to the nation's Great Recession, or in other words, the "worst recession since the Great Depression." However, according to a TheBlaze article by Becket Adams, the Washington Post Fact checker pointed out that there were many causes behind the Great Recession, and that the previous Bush administration is not the only one to blame. As noted by a chart on the Hamilton Project's website, The Great Recession has worsened the debt crisis since it has thrown the Federal Government deeper and deeper into the credit hole of debt. As laid out in the DNC's platform, to solve this great economic problem, the Obama Administration supports the expiration of the Bush era tax cuts, implementing the Buffet Rule, which states that "no millionaire pays a smaller share of his or her income in taxes than middle class families do", closing loopholes, deductions, and incentives for large corporations, especially the ones that out-source jobs.

This brings on discussion to the Republican side of the American debt debate. To balance the budget, the RNC contends that Congressional Republicans have "repeatedly tried to" change the budget process by voting for a Balanced Budget Amendment to the Constitution. According to an article by journalists Eric Painin and Josh Boak on The Fiscal Times website, while it may be true that Republicans have in fact done this, it would not be applicable to our financial situation, as witnessed last summer when congressional Republicans were willing to gamble with "the first default in U.S. History" in trying pass such an amendment in exchange for votes to increase the Federal debt ceiling.

So which side has the right answer?



Sources:

 http://www.democrats.org/democratic-national-platform#cutting-waste

http://www.theblaze.com/stories/washington-posts-fact-checker-debunks-obamas-latest-bush-blaming-ad

http://www.hamiltonproject.org/multimedia/charts/high_levels_of_government_debt_federal_debt_as_a_percentage_of_gdp_194/

http://www.gop.com/2012-republican-platform_Restoring/#Item7


http://www.thefiscaltimes.com/Articles/2012/08/23/Why-Serious-Talk-of-Balancing-the-Budget-Went-Bust.aspx#page1