It is Time for Another Debt Ceiling Debate. Hopefully.
The damage was done last year when Congress voted to spend even more money that we didn’t have. The result is that the US debt is now greater than the US Gross Domestic Product. A Little History In August of 2011 Congress authorized a debt ceiling increase of between $2.1 and $2.4 trillion. The increase was to happen in up to three steps, and as | Read More »
The US is actually borrowing $5.3 Billion per day, not the $4 Billion Reported
It’s worse than we thought. You may have been sickened by the reports that theUnited Stateswas borrowing money to cover its reckless spending at the rate of about $4 Billion per day. But with some information that came out over the weekend it is very easy to see that the rate has increased dramatically. At the beginning of August, 2011, after much end-of-the-world talk, Congress | Read More »
What Happened to the 2011 Balanced Budget Amendment?
If you are like most Americans you remember much ado about Republicans who voted for an increase in the debt ceiling (I still maintain, a huge mistake) in exchange for a chance to vote on a Balanced Budget Amendment to the Constitution before the end of the year. Well – how did that turn out? What Happened to the 2011 Balanced Budget Amendment? Remember the | Read More »
The Debt Limit Scam
by David Hancock and Rick Marucci – May 8, 9am ET “The government will reach the $14.29 trillion debt limit no later than May 16” Most of us heard that President Obama voted against raising the debt limit when he was a Senator. But there is no reason to just single him out – the debt ceiling vote gives us an excellent chance to look | Read More »