After a full-court press consisting of threats, warnings and prognostications of gloom if Congress didn’t raise the debt limit AGAIN, the House Republicans led by John Boehner stood firm. And guess what? The sky didn’t fall in. The Wall Street Journal has in-depth coverage of the issue here.
The Treasury’s moves buy time for the White House and congressional leaders to reach a deficit-reduction agreement that could clear the way for enough lawmakers to vote to raise the amount of money Congress allows the nation to borrow.
What a bunch of b*llcr*p! Where to start? “Congress allows the NATION to borrow??” Excuse me? It is the government borrowing, not the nation. We are the nation. We are PAYING, not BORROWING. If Congress had the guts to delete money awarded as Stimulus Funds, we could go well beyond Aug. 2 [the new absolute deadline] without spending more than we take in, i.e. having to raise the debt limit.
Yep, IFO just learned that the alleged one-time Stimulus Bill that Congress passed a couple of years ago built that $800 billiong into the budget to continue for all time. Or until Congress takes it out. There are so many tricks in the spending bills passed in the last two years that it take a ton of work to winkle them out again.
That is the crux of the “problem.” The government is spending too much. How many times do we have to say that?