Who needs to act responsibly when that can be pushed off to another
Treasury Secretary Henry Paulson told Congress on Wednesday that the federal government will hit the current debt ceiling on Oct. 1.
He urged quick action to increase the limit, saying it was essential to protect the “full faith and credit” of the country, especially at a time of financial market turmoil.
Wouldn’t the “full faith and credit” of the country be better protected by not spending more money than we have?
This request isn’t unusual, since it happens every year or so when the Treasury has to follow the law at the same time our elected representatives are spending recklessly the fruits of redistribution. Remember this from March 2006:
“I know that you share the president’s and my commitment to maintaining the full faith and credit of the U.S. government,” [then-Treasury Secretary John] Snow said in his letter to leaders in the House and Senate.
Our script is stuck on stupid, apparently.
To put this in perspective, the debt ceiling was $5.95 trillion when President Bush took office. The Senate Finance Committee recently approved a new debt ceiling of $9.82 trillion. Just shy of $6 trillion in debt in more than 200 years. Just over $3 trillion more in under 7 years, with a new request for the ability to accrue another $900 billion. Heckuva job.