The next war in Congress

9 Jan

debt-ceiling02-sizedDid you think all the excitement was over?

Hardly.

The federal government could default on its debt as soon as February 15th, two weeks earlier than expected.

This comes from an analysis by the Bipartisan Policy Center.

The government hit the $16.4 trillion debt limit December 31st.

But the Treasury Department is undertaking a number of “accounting schemes” to delay when the government’s bank account is empty.

Let’s be honest here – it’s cooking the books.

Whatever works – except if you tried it you’d go to jail.

So, with the deadline just over the horizon, both sides are drawing their lines in the sand.

When the next talks begin, Republicans say they plan to demand deep federal spending cuts.

House Speaker John Boehner is insisting on a dollar cut in federal spending for every dollar increase in the nation’s borrowing limit.

But the White House says President Obama will not negotiate that, because the debt ceiling represents obligations that Congress already has promised to pay.

In other words – these are bills Congress is obligated to pay, and paying them is not a subject of negotiation.

Can’t argue with that.

You buy the stuff, you pay the bill.

The last time these two went at the debt ceiling, they almost drove the country to default and got our credit downgraded.

We can’t wait to see what they do this time.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: