Democrats have been on a spending binge the likes of which we haven’t seen since WWII. A trillion here for stimulus, which was more like a giveaway to supporters and pet causes. A trillion there for an omnibus spending bill, which was also chock full of goodies for political cronies. Pushing for a cap-and-tax carbon bill that will award their favorite and most supportive big businesses. Not to mention the trillion dollar take over of the medical industry.
So it shouldn’t come as a surprise that Treasury Secretary Tim Geithner is begging congress to increase the federal debt limit. The Wall Street Journal reports that the $12.1 trillion debt limit could be reached as early as this fall.
The Treasury didn’t request a specific increase in the letter.
“It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations,” Mr. Geithner said in a letter to lawmakers.
I don’t know how anyone can remain confident the US will be able to meet its obligations. Not with this gang spending us into oblivion. It’s frightening to think of the impact this will have on future generations.
Update: The deficit grew by $181 billion in the month of July.
This is incredible to me. Evil really. If I were to do this in my personal finances I would be living under an overpass in the short run. How in the world it makes sense to increase one’s debt to fix the economy is upside down bizzarro world thinking.
My personal goal in light of how the gov is acting is to get out of debt asap and into some wealth securing assets like gold and silver. I’ve been tracking them with the widget http://www.learcapital.com/exactprice and I get the impression I’m not the only one thinking this way based on how the charts are performing.
Add to that how nations like China and Russia are talking about another reserver currency backed by gold and it’s not hard to read the writing on the wall when it comes to the US dollar.
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