The Wall Street Journal reported that the White House informed Congress yesterday that they are once again reaching the debt ceiling limit. This quote that I found in the article was quite unsettling:
But under procedures resulting from last August’s budget agreement that sought to avoid a government default, President Barack Obama could issue a veto, and the ceiling would rise even if Congress moves to block it... Congress keeps increasing the debt ceiling because the U.S. government spends more money than it brings in through tax receipts.
This statement unnerves me to no end. Will Washington never learn? MyGovCost Director Emily Skarbek found a video 3 Reasons Why the Debt-Ceiling Debate Is Full of Malarkey which I found informative. Emily also wrote commentary regarding the last debt ceiling debate in August:
With the White House and the House of Representatives still at loggerheads over how to resolve the debt crisis, administration officials are turning up the heat, claiming that Washington has only two choices: increase the government’s borrowing capacity beyond the current $14.3 trillion limit or face a catastrophic U.S. Treasury default. If the latter happens, they warn, the government won’t be able to pay its debts and will have to stop cutting checks.
But this is a false choice. There’s a third option: Washington can cut spending.
When money is tight, I tighten my belt. If I’m in debt, I trim a few things to balance my financials. As a responsible individual, I do not live beyond my means, and I certainly don’t sign up for another credit card when I still have money to pay off on my current accounts. I cannot fathom the idea of not adhering to these principles, and the fact that Washington does not carry the same level financial responsibility makes me wonder who they “think” they are truly looking out for. At this point in time, it is painfully clear that it is not the taxpayers, yours truly included.
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