Haven't written much about the debt ceiling. That's basically the credit limit for the USA. Right now, we've hit the limit set by congress last year. That means the USA can't borrow anymore money until congress approves it.
The USA already owes like $14 TRILLION dollars. That's more money than you or I can even imagine. And that's as much as the USA can borrow -- without the consent of congress to raise the credit limit in order to borrow more.
Congress is having a lot of trouble with this. At least the Republicans are. Many of them were elected to put the brakes on government spending and expansion.
On the other hand, as the democrats see it, the only problem with raising the debt ceiling is that Republicans don't want to do it.
So the USA was supposed to run out of money to pay its bills in the middle of May. US Treasurer Tom Geithner promised the nation would collapse. We'd lose our debt rating (we are anyway), and of course all of our creditors would 1.) demand immediate payment (ha-ha on that one) and 2.) raise interest rates on the TRILLIONS we already owe. It would be a nightmare!
John Boehner, Speaker of the House of Reps, suggested that for every extra dollar allowed in a new, expanded debt ceiling, that the feds would cut spending. Like if the USA borrowed $1 TRILLION more, they'd have to cut $1 TRILLION from the existing budget.
OMG! Dems have their panties all in a twist over that one. I mean, good grief! Who won't get paid off? They'll lose all those votes! What a freakin' disaster!
(You realize, of course, that most democrats are so ignorant of economics it's almost unbelievable. I mean, don't they even do their own grocery shopping? Can you imagine what their own credit is like? "Obama gon' pay my mortgage! Obama gon' buy my gas!")
If/When any budgetary measure passes the House of Reps, it gets stalled in the senate, while Harry Reid diddles around, thumbing through old photos of his days at the Cowboy Poetry Festival and bones up on Spanish for the next election. Nothing happens. Everything is delayed. Then the bill fails.
And the dems say this is all the fault of Republicans. As a matter of fact, it's George W. Bush's fault. Yeah, sure. Since the Comrade has quadrupled the US budget in the 2.5 years he's been in office, that's a hard argument to make, but then we're dealing with people who live in a dream world anyway, aren't we?
So there's no agreement about what to do with the debt ceiling. And now Tim Geithner apparently went through the White House and other government offices, turning the furniture upside down and shaking out any loose change he could find. So now, miraculously, the USA is able to pay its bills up to August 2nd.
And Michele Bachman, among others, points out the USA constantly has a stream of revenue coming in. I mean, Dear Reader, look at your paycheck. See all that withholding? Goes straight to Uncle Sam. Non-stop. All year-round. So the feds have money coming in without borrowing more.
Geithner would have enough in the Treasury to cut the checks to Red China and other debtors, with something left over for all the silly socialist crap -- the EPA salaries, double-dipping postal worker pensions, Air Force jets operated as private livery, and yeah -- private livery. More big limos in this regime than ever before.
So without raising the debt limit, Geithner will be forced to make some choices. Will he make a payment on the billions of interest the USA owes on its loans? Or will he cut a check for his budds -- former staff of Goldman Sachs -- who infest the Comrade's czar army?
What do you think? Who do you think will be paid? On the one hand, the nation collpases like it's never collapesed before. On the other, the assholes in the administration have to do without a few perks -- or, even better, get shut down.
What do you prefer? How do you think Geithner will order priorities? Is he an irresponsible asshole and puppet of the Comrade, or does he really know how to balance a checkbook?
In either case, unless congress acts -- and the democrats ARE NOT willing to do a damn thing about this -- Tim Geithner will decide the nation's priorities -- who gets paid and who doesn't.
And the dems can continue to wander around in their little fog going, "Ain't my fault."
I hope they don't raise the debt ceiling. If the situation is as dire as Geithner reports -- and the man is a really monstrous liar, I mean, let's face it -- this may be the only way to control federal spending.
If it works, let's do it -- or not do it. Let's not extend the fed's credit. The feds have proven they can't handle credit. They're like a bunch of 12-year-olds with Daddy's Visa card. And not a clue that eventually it all has to be paid back -- with interest.
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Save the Republic
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