If mindless growth is the ideology of the cancer cell, then this is what your country’s government looks like …
Less than a year after sneaking a $789 billion increase into a $787 billion bailout bill, the U.S. Congress is planning to raise its debt ceiling by an unprecedented $1.5 trillion to cover a record federal deficit in 2010.
Their brazen “uppage” of an already ridiculous credit limit would increase the amount the U.S. government can borrow to a whopping $13.6 trillion – although most analysts expect the country to breeze past that mark sometime next fall.
The total national debt is currently $12.06 trillion – meaning we will hit our current debt ceiling of $12.1 trillion any day now.
That has President Barack Obama and Congressional Democrats – who have already obligated the U.S. Treasury well past the current debt limit – clamoring for another increase.
“We ought to pass a debt limit extension that gets us through next year,” House Majority Leader Steny Hoyer told reporters Tuesday, saying that the $925 billion debt increase the U.S. House approved earlier this year is already insufficient.
The U.S. government has raised its debt ceiling 76 times since 1960, including five times since March of 2006.
In fact, we’ve more than doubled the current debt ceiling over the last seven years.
Mindless, mindless, mindless …
Oh, and this fiscal grave we’re digging ourselves is every bit as much former President George W. Bush’s fault as it is Obama’s …