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.
Let me ask you – how does it work around your house? Do you just spend what you want on anything you want and figure out how to pay for it later? I guess if you are a progressive liberal you do, but folks in my neck of the wood and the people I know make budget decisions based on their ability to pay back the debt. We like to call it being responsible.
In order to increase the debt ceiling this is how the process works the senate needs 60 votes to raise the ceiling, YES 60 votes, they no longer have 60 votes – BUT and there is always a BUT if the ceiling is not raised the country could default on the national debt (that would be money owed to China) something that has never ever happened – this would be bad. BUT and there is always another BUT the Republicans if they stick together can now force the Democrats hand to cut spending. It is a high stakes game of chicken – cut the debt or default on the debt something has to happen, but to take a play from the liberal handbook — the democrats just want to keep the status quo of irresponsible spending that the America people have outright rejected and that is not sustainable. (Can’t you hear Obama saying that about healthcare and using the GOP as the bad guys?)
What this means is maybe, just maybe some of this out of control spending can be reeled in, but there has been a lot of damage inflected and it will take some significant cuts for correction… I have a list of cuts to start it off and I’d start with the eliminating the IRS and so-called entitlement spending. How much would that save?
And people are wondering why the stock market is in free fall, but here is a thought why not use the half trillion dollars of unspent stimulus money and TARP repayments to fund budget instead of borrowing more imaginary money?
But how much is $1,900,000,000,000.00?
$6158.24 for every man, woman and child in the United States, but here is what;s really great about this 47% of those households pay ZERO in federal income taxes.
So if we divide $1,900,000,000,000.00 by the number of taxpayers it only comes to $14,533.78 per taxpayer, So if you pay taxes and while you are looking the other way the Obama government is wanting to drop another $14.5K of debt on you and what did you get for it?