Gee, We Couldn’t See THIS Coming: Obama Wants to Raise the Debt Limit

I dislike writing about things that are going to happen, because they may not.  On the other hand, when the White House floats these “we’re gonna do something soon” balloons, I suspect they’re waiting to see our reaction, so I’ll react.

Yes, the White House wants to raise the debt limit.  Again.  Remember that big debt limit hullaballoo we had earlier this year?  When a special commission was appointed to cut the debt… later?  Yeah.  That one.  Well, Congress has been uselessly nibbling around the edges of cuts and now the President apparently wants more money – $1.2 trillion, to be precise – effectively erasing the cuts that have been made.

Look, this guy has one answer to every problem: throw money at it.  It’s not working.  Stop it.

Per Reuters:

The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013.

The debt is projected to fall within $100 billion of the current cap by December 30, when the United States has $82 billion in interest on its debt and payments such as Social Security coming due. President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion, part of the spending authority that was negotiated between Congress and the White House this summer…

The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.

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About Mystic Cowgirl

I worked overseas in the aid game for longer than I'd like to admit and learned several important things: 1) Third World countries aren't poor because America is rich. They're impoverished due to socialist governments that provide neither rule of law nor basic infrastructures; 2) These socialist governments redistribute wealth from taxpayers to the government workers. There's no benefit to the poor or downtrodden, and certainly not to the general welfare in terms of infrastructure improvements. 3) America is moving toward the Third World model. Rule of law has been subverted because equality under the law is disappearing as special interests carve out exemptions to regulations and special favors under the law. The redistribution of wealth to government began decades ago -- total compensation for government employees now outpaces salaries in the private sector.
This entry was posted in Big government, conservative politics, news politics, Obama, political issues and tagged . Bookmark the permalink.

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