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Wrapping up the economic implications of raising or not raising the debt ceiling in less than two minutes is all but impossible in my opinion, but why not at least try? Bankrupting America does just that in this video after the jump.
What’s the value of having a ceiling if you routinely raise the limit? At a personal economic level, I can understand providing a higher “credit limit” if one’s financial picture showed an increase in income and a responsible credit history, but how can the owners of the national debt simply increase the limit with stagnant…
More than a week ago, I told you about a Democrat proposal to increase the debt ceiling for the federal government by a whopping 15 percent from $12.4 trillion to $14.3 trillion dollars. The Senate just voted to go with the plan, and they voted exactly down party lines – 60 to 40.
First District Congressman John Larson tries to explain a couple of things.
Can you believe this? Can you comprehend how much money one trillion dollars is? That’s 1,000 billion dollars. Now times that by more than three. For reference, in 2002 we broke the two trillion dollar mark. That means – no matter how you look at it – the federal government has grown almost 36 percent…
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?
Our Congress is not content spending at record levels, it now intends to break even their record levels of spending. The result will be that, not you, but your children or grandchildren will saddled with the responsibility of paying back this debt. It is unconscionable really, criminal.
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