It is essential to for the United States Of America government to have funding for all the goods and services that it provides. Sadly, in the last 12 years we have not been able to pay for all the services and goods we have promised to provide. A solution for this would be balancing the budget.
A balanced budget is when we spend the same amount of money as we take in. When we don't have a balanced budget we have to borrow money and then later on we have to pay interest on the loan so then we have even less money to use. Ignoring our debt problem, Congress continues to raise the debt limit and allow us to fall deeper into a hole. As a result of continuing to be allowed to borrow so much money, we now currently have just over 17,000,000,000,000 dollars in debt , but if we had a balanced budget we could fix this.
Balancing the budget ,by cutting spending and possibly raising taxes, would be able to save America from a crisis similar to the one in Europe right now. However, if we wait too long to balance the budget then the debt problems will be harming us even more because if the interest on the debt becomes unpayable by itself and we have to borrow money just to pay off the interest then we would almost never be able to pay off any of the debt.
After we balance the budget then we can slowly pay off our debt. GDP growth would also help reduce the budget to less percent of GDP which would make the debt easier to pay off because the bigger the economy the less significant the debt. After we Balance the Budget and starting to repay the debt Balancing the Budget is essential to keeping our economy healthy and our debt in check which helps prevent another economic crisis.