http://www.cnn.com/2006/POLITICS/03/16/congress.debt.ap/index.html?section=cnn_topstories
Wonderful quotes...
"The Senate voted Thursday to allow the national debt to swell to nearly $9 trillion, preventing a first-ever default on U.S. Treasury notes."
"The measure allows the government to pay for the war in Iraq and finance Medicare and other big federal programs without raising taxes."
And my favorite, Charles Grassly of Iowa:
"It is necessary to preserve the full faith and credit of the federal government."
Now, I'm no expert in credit, as many of you know, but isn't this akin to getting another credit card to pay off the first. We are in trouble with needing money to support the treasury notes, and wise fiscal advice tells us we should tighten the belt and maybe take a second job (i.e. raise taxes in this analogy), but isn't just easier to take out more debt.
Present limit is already 8.2 trillion and they are seeing this as a temporary fix if things continue to balloon. That means that they anticipate needing to raise this again as soon as next year.
Here is a newsflash for anyone who didn't realize it yet, Money, does not come from the government. There is a finite amount of it, and when it isn't coming from your taxes, its coming from somewhere else. In this case it appears to be China.
UN-SUS-TAIN-ABLE
technorati tags: defecit, national+debt, sustainability
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