The United States Department of Treasury will reach the statutory limit it is allowed to borrow money before election day, according to a new study by Sen. Rob Portman, R-Ohio., former director of the U.S. Office of Management and Budget.
“Following the contentious debt ceiling last August, President Obama promised that he would take action to address the country’s fiscal crisis. He has failed to do that,” Portman said. “In fact, his new budget increases spending and projects that Washington will be hitting the debt ceiling again in mid-October – burning through a $2.1 trillion debt limit increase in just over 14 months.”
Portman’s office notes that according to Obama’s budget, total debt subject to the statutory debt will reach limit will reach $16.334 trillion by September 30, 2012.
Let’s just raise the debt ceiling that should make the problem go away. That is the way our government, especially this administration, sees it. Go ahead, continue to vote in these progressives and see where you land. And for the younger generation who think Obama is so good wait until you get a job, lots of luck with that, and try to raise a family on welfare
The root of our problem is that we weren’t paying attention many years ago when the federal government started spending more money than they were collecting in tax revenue. They knew that it wasn’t going to fly if they raised our taxes, so they started overspending by large amounts & borrowing what they needed to fund their wildest fantasies & satisfy their interest groups – to get re-elected.
It also didn’t help when LBJ opened the floodgates by stealing money from Social Security (oh yeah, they said they “borrowed” it).
We need to send a message to the federal government that the party is over. It was never supposed to be about the central government. It was about the STATES. If you look back in history, the federal government had to beg the states for money to operate. It’s clear that we lost touch with being in charge of this country – long ago.
Downsize the federal government – it’s completely out of control – & completely unaccountable.
OBAMA HAS PUT AMERICA into an OUT OF CONTROL budget spiral that only has ONLY ONE eventual outcome – the UTTER DESTRUCTION OF THE U.S. DOLLAR as a viable currency.
It will be interesting to find out just WHAT will end up replacing our dollar – the Amero perhaps? A far more likely scenario will be a cashless society based SOLELY on electronic funds transfers from a “New World Order” controlled “line of credit”…
I think most Americans believe that the US could never suffer a financial collapse, but I think it’s a certainty. There is no other way out, and the gov cannot keep putting it off for very much longer, and it’s not even trying to correct the problems, if anything, they are creating more of them. All of that free stuff and entitlements, well it’s almost time to pay for them, just don’t expect to get anything in return.
Gee, defense is TAKING a big hit. Where to cut, how about some federal employees. The EPA is doing intense studies on beach sand, don’t need whoevers doing that. The HHS is hiring union employees to check preschooler’s lunch, we could probably do without. In fact we could cut several whole departments.
It’s a hard problem to fix at this point because he simply GAVE MOST OF THE MONEY AWAY. Entitlements ARE a big drain and they need to be addressed, sooner rather than later, the longer we wait on it the bigger the shock will be.
We as a nation are in a great deal of trouble right now, at home and abroad. Consider, if things go bad with Iran, almost a certainty, we could get hit with economic sanctions from China at which point our way of life will change almost instantly, especially if it happens, say, right about the time we hit the debt ceiling.
Sticking your head in the sand and pretending there is no problem works for a while but there are outside forces that we can’t control and living on the edge is a recipe for disaster.