After months of advocating for a “balanced approach” to our debt and deficits, it seems like the administration is pulling a 180 on the debt ceiling.
A drink limit at a party prevents dangerous driving, and a debt limit prevents an unhealthy economy. So why then in the last 10 years have we raised the debt ceiling 13 times and added on more than $10 trillion in debt?
What is the debt ceiling and why does it matter?
On May 18 the debt limit suspension that Congress passed in January will expire. At that point, the debt limit will automatically increase to whatever amount the national debt is on May 19.
The rose-colored economic outlook of the stimulus days have rusted over as the sequester went into effect. Now, time and again, we hear from the administration and others in Congress about how much better things could be, if only it weren’t for that darn sequester that they put no effort into avoiding.
So, Washington recently released this little advice column telling grocery shoppers how to save money. We thought we’d write a little advice column of our own to help Washington out:
Last year, Washington politicians overspent by $1 trillion. Are politicians krunk with kash?
You wouldn’t give this kid more money. Are Washington politicians any different?
Last year Washington overspent by $1,000,000,000,000 – but now politicians claim they can’t cut anything?
According to The Hill and Politico, President Obama won’t negotiate when it comes to raising the debt ceiling. Get more top headlines inside.