Wednesday, January 5, 2011
"...the U.S. government is borrowing approximately 2.63 million more dollars every single minute..."
Congratulations America, you are now 14 trillion dollars in debt. The U.S. national debt is now more than 14 times larger than it was just 30 short years ago. The federal government is literally drowning in debt. Now some members of Congress are actually debating whether we should raise the debt ceiling again. At the moment, the U.S. government debt ceiling is is set at $14.294 trillion, and considering the fact that the U.S. government is borrowing approximately 2.63 million more dollars every single minute, that cap will be reached very quickly. The U.S. Congress has raised the federal debt ceiling six times in just the past three years, so you would think that raising it again would not be that big of a deal for our debt-addicted politicians. But this past November a significant number of Tea Party candidates were elected to the U.S. House of Representatives, and they are eager to prove that they are serious about fiscal responsibility.
So exactly what is the debt ceiling? Well, it is an arbitrary limit on U.S. government debt that is set by the U.S. Congress. The original idea of the debt ceiling was that it would keep U.S. government debt from getting out of control, but obviously that has not happened. Whenever we have started getting close to the debt ceiling Congress has always raised it. It has been raised ten different times since 2001. Now it is time to raise it again, and if it does not get raised the U.S. government could actually start defaulting on its obligations.