The National Debt Clock on September 15, 2009, at which time it read approximately 11.8 trillion USD in national debt
Libertyville, IL (PRWEB) October 14, 2013
Once again, Congress moves towards the fiscal cliff, as time is running out to raise the infamous debt ceiling before the US Government goes into financial default. It was less than a year ago that this same scenario played out for the first time in Congress. The fiscal cliff was avoided the first time before the deadline of December 31, 2012. Unfortunately, the debt ceiling was raised for only a short period of time, and now the same crisis is occurring again 10 months later.
LED Display Signs, Inc (LDS) has suggested that Congress might consider using an LED countdown clock to display the time remaining until the debt ceiling Deadline of midnight on October 17, 2013. A display of the time remaining would serve as a highly visible reminder of how urgent this matter is. It is not known for certain exactly when the US Government will go into default, but the US Treasury Department project October 17th as the day the money will run out. U.S. Treasury Secretary Jacob Lew has warned that US borrowing authority will be exhausted on Thursday, October 17th and the government will face the prospect of defaulting on its debt unless Congress raises the current $16.7 trillion borrowing limit, as reported by the Huffington Post on Saturday.
The impact of this happening is potentially catastrophic according to financial institutions and experts, and could have major consequences for both the US and world economy. Singapore Finance Minister Tharman Shanmugaratnam, the chairman of the IMF committee, stated that it would be harmful to the entire world because it would be a blow to the confidence that is needed for businesses to make investment decisions.
Given the relatively low cost of an LED countdown clock, and the gravity of the situation, it seems that a visual aid of this type might be a cost effective way to help Congress realize that the time to act is now. Many people are familiar with the highly publicized billboard-sized National Debt Clock located on Sixth Avenue in Manhattan, New York, which has heightened awareness of the ongoing debt crisis. LDS has suggested that the implementation of a visual reminder displaying the time remaining to members of Congress will drive home the point that failure to act is not an option.
