Debt Ceiling Continues To Rise As Congress Continues To Spend
by Big Dog on Aug 10, 2009 at 04:21 Political
The Democrats went nuts when George Bush asked them to raise the debt ceiling. To be fair, the party not in power usually raises hell when the majority party asks for the ceiling to be raised. Both parties are guilty of spending more rather than spending less and this causes havoc with our budget process. The Obama administration is adding to the debt at record levels (the previous record was set last year by Bush and the Democratically controlled Congress) and there appears to be no end in sight. On top of the stimulus that did not stimulate, Obama and the Democrats are pushing for a health care overhaul that will tremendously increase the US debt burden. Obama has been in office for 7 months and already his Treasury Secretary is asking that the debt ceiling be raised:
U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is “critically important” that they act in the next two months. WSJ
The federal deficit grew by $181 billion in July and will likely continue to grow. Tax revenues are way down because of the bad economy and the Obama Administration has spent a fortune on a stimulus package that added to the burden and produced no positive results. The cap and trade legislation will further burden taxpayers, including those in the middle class (particularly those in the middle class) and the health care overhaul will likely be the straw that breaks the camel’s back.
Congress will likely approve the increase in the debt limit and the vote will probably be party line (or close to it) as it usually is.
The funny thing is that the very same Democrats who balked when Bush wanted to increase the limit and claimed he had no plan to reduce the deficit are the ones asking for an increase when they have no plan to reduce the deficit. By all accounts the Democrats will only continue to add to the problem.
Democrats blamed Bush’s tax cuts on the problem. When taxes are cut the revenue to the treasury increases but that is often ignored for the sake of political grandstanding. Obama has not cut taxes and the deficit is still rising out of control. That is what happens when they spend more money than we have.
Our government needs to go line by line, program by program and make meaningful cuts just like Obama promised to do. Until the out of control spending is reigned in there will be more and more debt and future requests to raise the ceiling.
That is no way to do business.
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Tags: debt ceiling, deficit, geithner, Obama, spending
We can only go so far before it becomes funny money, and the Chinese and Saudis call us on it- why doesn’t the Resident sock puppet know this?
No to ANY other bill until we lower the deficit- I don’t give a rat’s a$$ what he proposes. no means no.
Obama and the dems have a serious addiction problem. The should be in therapy because they just can’t stand money and have to get rid of it.
Geithner wants to raise the debt ceiling, but this is because the stimulus hasn’t stimulated, TARP hasn’t covered what it was supposed to, and we are flat out of money- you can bet it was really the Resident who wants the ceiling raised, to make it easier for his programs.
And yet little Timmy Geithner will not answer questions about how this money is spent.