Get ready for another debt ceiling fight. Or not. Maybe Congress will just give President Obama what he wants and eliminate the debt ceiling, or suspend it again. They all talk a good game, but all the talk in the world doesn’t stop the debt from going up, up, up. In fact, according to Heritage, in the past four years they’ve added a whopping $43,000 per household to the national debt.
Did you know that since President Obama came into office, the debt limit has been raised seven times?
With those increases, Congress has added $43,000 in debt for every American householdin just the last four years.
And now the debt limit deadline is looming again. Treasury will run out of tricks to keep paying the bills on October 17, Secretary Jack Lew announced yesterday.
Instead of pursuing significant spending cuts and entitlement reforms that are desperately needed to get spending under control, House Republicans reportedly are proposing to suspend the debt ceiling for more than a year, which would add $1.1 trillion to the debt.
Read the whole thing, this is so out of control. And just wait until interest rates are increased. All of the tax dollars we send to Washington, DC will be going to service the debt. If you think things were bad in Greece, just wait.