U.S. Close to Maxing Out Credit Card... Again
By chrisyounce
According to CNSNews.com, the U.S. is just mere days away from hitting the debt limit that was passed in February of 2010. That bill increased the debt limit to $14.2940 trillion. As of 4:00pm yesterday, the U.S. debt subject to the limit was $14.268365 trillion.
With just over $25.5 trillion left to borrow before we reach the limit, the U.S. has less than a week of borrowing left. Congress is not in session this week or next and there have been no reports that they intend to come back early.
Many in both parties will tell you that if we don’t raise the debt ceiling, the U.S. will default and our economy will fall apart. This wouldn’t neccesarily happen. What would happen is that the federal government would have to quit borrowing money and live within its means.
Imagine if you or I kept maxing out our credit cards and then calling the credit card company and asked for our limit raised. They might raise once or even twice, but eventually they would tell your no and you would have to quit charging things. The federal government should have to do the same.
On May 5, Vice President Joe Biden is hosting a deficit reduction meeting with members of Congress. Representing Congress will include members Senator Inouye (D-HI) and Representative Eric Cantor (R-VA). It is seriously doubtful is anything serious comes out of this meeting.
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