Debt ceiling crisis continues

TERRE HAUTE, Ind. (WTHI) - The nation's debt is continuing to soar into the New Year. This week, Congress and the President agreed, the nation's debt ceiling must be raised again.
    
If the phrase “debt ceiling” sounds like déjà vu, it's not, that's because you actually have heard it before.
    
Last year Congress and the president signed a last minute deal to raise the limit of debt we as a nation can bear.
    
But it wasn't enough.
    
One year later the debt reaches ever closer to that ceiling and if the nation doesn't continue to borrow, they can't pay the bills...

"The trajectory of federal spending is such that the debt ceiling is going to be raised,” 8th District Congressional Rep. Larry Buchson said.
    
We sat down with the congressman to find out how that affects you.

Here's what you need to know about the debt:
-Right now the United States owes 16.4 trillion dollars and as you read this it's increasing. That comes out to roughly 52,000 dollars per citizen. But, left to just tax payers it’s around 145,000 dollars.

There are only two ways to solve the nation debt: cutting spending across the board, which could include programs that affect you and your family; or raising the revenue through taxes which could take money out of your wallet.
    
Either way, the Congressman has already decided what his vote is.

"Well you know ultimately unless we have spending cuts with an increase in the debt ceiling I won't support it,” Bucshon said.
   
It's an action that the congress will have to decide on fast because time is running out and the dollars are rising; a year later, once again.