Not so unbelievable news from Washington D.C. tonight, where Democrats in Congress are requesting – from themselves – they be allowed to increase the federal debt ceiling more than 15 percent, from 12.4 trillion to 14.3 trillion. What’s a couple more trillion ya know?
This is not good news for Americans. Democrats in Congress are bent on destroying the economy of the United States $1 trillion at a time. From the Associated Press.
The measure came to the floor under rules requiring 60 votes to pass. That’s an unprecedented step that could mean that every Democrat, no matter how politically endangered, may have to vote for it next week before Brown takes office and Democrats lose their 60-vote majority.
Democratic leaders are also worried that Sen. Evan Bayh, D-Ind., who opposed the debt limit increase approved last month, will vote against the measure.
The record increase in the so-called debt limit is required because the budget deficit has spiraled out of control in the wake of a recession that cut tax revenues, the Wall Street bailout, and increased spending by the Democratic-controlled Congress. Last year’s deficit hit a phenomenal $1.4 trillion, and the current year’s deficit promises to be as high or higher.
Congress has never failed to increase the borrowing limit.
You read that correctly. Congress increased the debt limit by $290 billion on Christmas Eve less than 30 days ago. This is nothing new, as Congress has been increasing the debt limit for years unchecked.
The weekend is coming up … why not give your bank a call and request they increase your checking account balance by $1,000 for a spending spree and see how that works out for ya? Maybe a better example would be telling your bank you’re going to buy a $500,000 house when your finances only indicate you can afford a $300,000 home… and demanding they finance it.
Not perfect analogies, but is there any type of formula that lets world-wide investors who are funding this outrageous spending spree – like China – know what our “true” debt limit should be? My guess is there is, I just don’t know enough about the subject, and all hell could break loose at any time. Hopefully not.
All I know is $1.9 trillion was plenty enough to fund the entire federal government about one decade ago.
Less than a decade ago, $1.9 trillion would have been enough to finance the operations and programs of the federal government for an entire year. Now, it’s only enough to make sure Democrats can avoid another vote before Election Day.
Earlier today, Michelle Malkin let us know about a Democrat budget reduction committee which is obviously a complete joke since they went and requests almost $2 trillion on the same day. They don’t care about it – complete theater as Malkin noted.