Saturday, January 15, 2011

Hey Timmy, are you fucking insane?

WASHINGTON – The United States just passed a dubious milestone: Government debt surged to an all-time high, more than $14 trillion.
That means Congress soon will have to lift the legal debt limit to give the nearly maxed-out government an even higher credit limit or dramatically cut spending to stay within the current cap. Either way, a fight is ahead on Capitol Hill, inflamed by the passions of tea party activists and deficit hawks.
Today's debt level represents a $45,300 tab for each and everyone in the country.

Treasury Secretary Timothy Geithner says failure to increase borrowing authority would be "a catastrophe," perhaps rivaling the financial meltdown of 2008-2009.
Congressional Republicans, flexing muscle after November's victories, say the election results show that people are weary of big government and deficit spending, and that it's time to draw the line against more borrowing.

http://news.yahoo.com/s/ap/20110115/ap_on_re_us/us_debt_wars

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