More Debt Anyone?

The federal debt limit is going up faster than my credit limit with Visa during the economic boom of the last decade. The difference being, just because Visa kept upping my limit, didn’t mean I was stupid enough to spend it! But Washington is. Yesterday Senate Democrats voted yet again to raise the federal debt limit – this time by $1.9 Trillion to a staggering $14.3 Trillion. That’s up from the previous limit of $12.4 Trillion which they’ve borrowed and spent all of. That’s right, your elected representatives have maxed out your country’s credit cards again and they’re back for more. Does anyone else find it incongruous that few if any Americans would put up with their teenager running up a big cell phone bill or a few hundred dollars in credit card debt, but these same Americans have no problem with their employees in Washington borrowing trillions in our name without the slightest inclination as to how to pay it back?

In this case, one might be tempted to ask ‘Why so much of an increase at one time’? The answer is simple – it’s politics, of course. You see, the government is on track, according to the CBO, to run another $1.4 Trillion in the red this year, matching 2009’s record setting deficit (that’s a record that was TRIPLE the previous high mark by the way). With this in mind, the Democrats wanted to raise the debt limit enough to prevent another such vote prior to November’s elections. They don’t want to have to bring you the credit card bill a month before asking for your vote. Quick math says they’ve given themselves a $500 billion margin for error. I wonder if that will be enough?

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1 Comment

Filed under Government Spending

One response to “More Debt Anyone?

  1. Just wanted to let you know that its not showing up properly on the BlackBerry Browser. Anyway, Im now on the RSS feed on my laptop, so thanks!

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