[Deathstar 80]

Congress will choose #3- they love to spend and have raised the debt ceiling 40 times since 1980
#2 will lead to defaults not a bad thing but political suicide for both sides
#1 Cutting spending/budget is a good start but raising taxes will cause the economy to stagnate more - tough to get re-elected saying you raised taxes (read my lips and all)

Better option- Cut spending-current and future,reel in entitlements. modify Social Security (raise retirement age to 70+, root out the waste and fraud in the system), Health Care issue needs to be fixed (that includes Obama Care, Medicare, and other federal programs on health), Cut government- remove the Department of Education, Housing and Urban Development, Energy, Homeland Security. Go to a flat tax and close all tax loop holds- you make x amount of money you pay a certain percent to Uncle Sam.
Go ahead and raise the debt ceiling it's an artificial number anyway

The reason why I asked that question is because from my research, all of those options would cause trouble for our nation.

1) Cut spending / raise taxes.

From what I understand about Greece, they had too much national debt. Therefore, they had to cut spending in order to pay back the money that they had borrowed. When their government cut spending, the people rioted in the streets. Here's a video:



I'm not sure if their economy is collapsing or not, but I do know that their citizens are upset with the government specifically because of the government spending cuts. But from my research, they may have other reasons for rioting as well. If it's true that Greece is currently experiencing an economic collapse, then we will experience an economic collapse as well just like Greece is.

2) Continue spending and don't raise debt ceiling.

According to U.S. Treasury Secretary Timothy Geithner, defaulting on our debt would be very bad for our economy. I found a video back when the debt limit was about to be reached around May 16 of this year, but Timothy Geithner later found a way to move that day to August 2, which is just a week away. In his own words, he said "Even a very short-term or limited default would have catastrophic economic consequences that would last for decades."

Here's the video:



3) Continue spending and raise national debt limit.

This third option simply delays the trouble that we're about to experience. And if we continue to spend as much as we want, eventually the people we owe money to will get the idea that we're never going to repay them. Therefore, they would refuse to let us borrow any more money. This will make us just like Greece in that we'll be forced to cut government spending / raise taxes.

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Saying all of this, the coming trouble is unavoidable. I'm simply saying that our country has borrowed money in the past, and it's now time for our country to pay that money back.