Bill to Raise Debt Ceiling Needed to Match Real Debt
That's right! We are going to be over $13 TRILLION by the end of the fiscal year. I wish old Everett Dirksen was alive today. He, you may recall, was the originator of that quote about "a billion here, a billion there and pretty soon you're talking about real money." We don't even worry about billions anymore.
But, there is some interesting stuff in that piece. First notice this bit of background:
Democrats in control of Congress, including then-Sen. Obama (Ill.), blasted President George W. Bush for failing to contain spending when he oversaw increased deficits and raised the debt ceiling.
That's modus operandi, isn't it? Bush bad, but now Obama good. In his own words, the Messiah condemns high debt:
“Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.”
Truer words were never spoken! I am stunned to find myself in total agreement with him. We do have a debt problem and we definitely have a failure of leadership!
The real pressure point this go-round is the Senate. You see they will have to stand and deliver, not like the miscreants of the House who had a mechanism for hiding:
When the House raised the debt limit to $13 trillion as part of a budget resolution approved in April, Democratic leaders used a maneuver known as the “Gephardt rule,” named after former House Democratic Leader Dick Gephardt (Mo.), to avoid taking a roll call vote on the debt limit increase.
I think I would really feel bad about leaving that legacy in the House of Representatives, a rule that the members could use to avoid responsibility.
There isn't much choice about the action however, since the SecTreasury, Tim "TurboTax" Geithner says it is a fact that only needs to be legalized. The real issue is how this will impact the debtors (AKA China), the markets, the plummeting dollar, and the future of all Americans.