http://www.reuters.com/article/domesticNews/idUSTRE57706N20090808 "It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations" Geithner said. Isnt that interesting...I mean you can all read into that wording for yourself, but if you dont get it i will say it for you. If they dont raise the limit, its over for the US dollar!
funny how people forget that obama has already spent more than bush- imagine what this number is going to look like when he is more than 20% the way through his first (last) term
Its funny, but I remember Bushs first few months in office. I remember him saying "I want to provide tax relief of 1 trillion dollars over the next 10 years" I thought he was crazy when he said that. I was like "Dude, thats a trillion dollars! Thats alot of money!" Why waste it like that? Then Obama hits office and has spent double that amount in 6 months.
There is no doubt that Bush was very fiscally irresponsible, and very liberal with the check book. Obama on the other hand has taken that irresponsible spending up about 5 notches. The difference is one of these guys is a former POTUS and will never again be an elected official. The other guy unfortunately is in charge of the US for at least 3 more years. Hopefully his healthcare legislation crashes and burns so that his power to harm the US is minimized in the future.
the "limit" is only a number. Changing the "limit" does nothing to solve the problem, in fact quite the opposite, since the "limit" was established to prevent overspending. jjf