Believe it or not, they gave Barack Obama permission to spend as much money as he wants over the next year — with absolutely no strings attached.
The media are reporting that the House and Senate passed a “clean” bill to raise the debt ceiling. Actually, they did no such thing. They didn’t set a new limit on government borrowing. Instead, they abolished any debt ceiling for the next 14 months.
It’s incredible how this deal will work. By suspending the debt ceiling, your friendly Federal government can spend all the money it wants — or rather, all the money that Congress will allow – between now and March 16, 2015. By an amazing coincidence, that gets everyone past the elections this November.
Then, when this temporary measure expires, the new debt ceiling will be the present debt — which is an absolutely appalling $17.2 trillion (yes, that’s “trillion” with a “t”) — plus however much more debt is created between now and next March. That will be another trillion dollars in red ink added to the total by the profligate politicos in Washington.
In just six years of his Presidency, Obama will have increased the national debt by more than $7 trillion. And what’s most amazing of all is that our so-called leaders in Washington are actually claiming that this latest vote means that they were being “responsible.” Isn’t that incredible?
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