Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.
Is this something you really want to do after what happened in Massachusetts on Tuesday night?
let me put this into perspective for you, 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.
Arguing over the debt limit provides a forum for Republicans to blame Democrats for rising deficits and spiraling debt, even though responsibility for the government’s financial straits can be shared by both political parties.
DID YOU HEAR THAT CONGRESS – BOTH PARTIES ARE TO BLAME.
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. So I guess we get to wait and see if they do.