Oddly, the national debt remained at the same official number for months on end. But soon reality is going to come calling, and we will yet again find the politicians bickering over the debt ceiling. The Democrats who pushed all of this big time spending will blame Republicans for not funding their debt, while denying that they have a spending problem. The White House seems to have to worst case of denial.
Mark your calendar: Sometime this October, Congress and the White House once again will be embroiled in a debate over what to do about the nation’s soaring debt and chronic trillion-dollar deficits.
That’s when we officially hit the debt ceiling.
The administration’s attitude, as articulated by Treasury Secretary Jack Lew and White House spokesman Jay Carney, is — there is no problem; do nothing.
“We will not negotiate with Republicans in Congress over bills Congress has racked up,” Carney said.
This is laughable. The “bills Congress has racked up” were pushed by a Democrat-controlled Congress at President Obama’s behest. They include “stimulus,” bailouts and ObamaCare, all budget-busters.
To pretend that Republicans are responsible is, to put it mildly, a distortion.
Democrats’ do-nothingism borders on malfeasance. U.S. debt has hit $17 trillion, or 109% of GDP, while government spending has reached $3.5 trillion a year, or 23% of GDP — $28,000 for every household in America.
Obama has run a $1 trillion deficit in each of his four years in office, but this year, the red ink is forecast to be $642 billion — which the White House calls progress. (Read More)
Read the whole thing. This is all getting so old, it’s like that movie Groundhog Day where every day is just the same as the day before. The debt keeps going up, the spending never goes down, and the president gives another speech.