Our country’s legal debt limit necessitates another increase. On Christmas Eve 2009, congress bestowed upon us a $290 billion lump of coal as they raised the debt ceiling to $12.394 trillion.
The senate is scheduled to begin debating this matter Wednesday, January 20th. Clearly congress desires a high enough increase so they will not have to address this again until after November elections. Technically, congress must raise the debt ceiling by mid-February in order for the U.S. Government to continue borrowing money and avoid default as piercing the ceiling is very near.
Senators will vote on a pay-as-you-go measure this week. This measure would require mandatory spending increases to be offset with spending cuts elsewhere or tax hikes. The probability of spending cuts bearing in mind the congressional buffoons is virtually zero. The U.S. debt ceiling has more than doubled since 2000 and is $4.5 trillion greater than a mere 5 years ago.
Our current debt ceiling compared to other countries GDP (value of all goods and services produced) is staggering. Employing 2008 International Monetary Fund figures, our debt ceiling is 2.5 times the GDP of Japan, 4.5 times Great Britain’s GDP and 8.25 times Canada’s GDP.
The exceedingly manipulated U.S. GDP figure for 2008 was $14.4 trillion. We are on the cusp of a debt ceiling exceeding the value of all goods and serviced produced in this country.
It is imperative that we collectively demand fiscal responsibility of our elected officials. The continued fiscal irresponsibility path is leading this country over a cliff while the burden placed on future generations is contemptible.