Mr. Barack Obama: Road to Debt Limit Victory

In what was seen by many as a major test for him before his tenure comes to an end,US president Barack Obama came out with flying colours winning the U.S. debt limit.The bill , already discussed and debated over the past few weeks in Washington ,was passed with an overwhelming majority in the house with the senate also voting 64-35 in its favour.With Obama winning the Congressional bill, congress thwarted the threat of a default on government debt. According to Treasury Secretary Jack Lew, the department would have exhausted the last of its borrowing capacity on November 3, resulting in far reaching complications.With Mr President stating that he will sign the bill into a law as soon as possible, this gives major relief to the government reeling under the restrictions on spending. It is now allotted an additional dollar 80 billion for military affairs and domestic programs.

This bill  seen to be a very crucial one as its success or failure could have far reaching consequences.

The president came under scrutiny while unveiling his budget blueprint for fiscal year 2015-16 ,with critics commenting that the Presidents defensive budget yet again failed to adequately prepare the country's men and women in uniform to effectively fight current and future wars. Mr. Obama chose to ignore structural reforms Pentagon needed which included military health care, retirement and acquisition reforms ,thus seen by critics to abrogating his responsibility to provide a common defense and be a good steward of the people's money. However this reform will surely soothe some nerves.,with the additional budget allocated. Many have called for a reduction in military expenditure of the U.S. in recent times, terming it wasteful and over-killed. The truth is that in a world that is becoming increasingly hostile and with adversaries strengthening their nuclear arsenal , a country like U.S having great influence on world politics, is mandated to have a strong military. Coming back to the bill, the opposition leaders aren't that pleased, with republican senator Ted Cruz  accusing  the congress of handing the president with a blank credit card for the remainder of his tenure.

Furthermore, some experts feel that this crisis of debt and over reliance on public capital warrants needs urgent attention as this could metamorphose into a global economic crisis if not addressed properly. Rising interest rates would also discourage investors and question the governments ability to manage the budget. Strengthening the U.S economy means in turn ensuring that the worlds other economies are safeguarded as economic interests are interlinked.We all are very well aware of what would happen if such an eco ic crisis were to happen. Some radical groups have made  bizarre claims that in the event of a global economic catastrophe , only China could help US maintain its economy. Seems someone is really eager to stoke the ever burning feud between capitalism and communism.!!!Leaving the radicalist to fight it among themselves,, let's just hope that this bill  achieves its intended target and the taxpayer is satisfied that his dollars are funnelled into something worthwhile.