Ho..Ho..Ho..Congress used Visa and Amex
It is the time of the year when everyone over spends, runs up debt they will pay in the future. Unfortunately this is everyday in Washington and especially by this congress. They whipped out the taxpayer visa again and will pass a two-month, $200-billion-plus increase in the government’s ability to borrow as one of its final acts before closing shop for Christmas. This is better than a larger increase of up to $1.9 trillion to avoid having to cast another unpopular vote to increase the debt limit before next year’s midterm elections. The two-month increase is all they can get through the Senate before year end. The government has never defaulted on its financial obligations. The Treasury Department has said that the borrowing limit must be increased before Dec. 31. The current debt cap is $12.1 trillion and Democrats had discussed raising it to as high as $14 trillion. The reason there was opposition from about a dozen Senate Democratic moderates. They wanted to establish a new bipartisan task force to come up with a plan to curb the deficit. They would create a commission of lawmakers and administration officials to come up with a mix spending cuts and tax increases. The proposal was opposed by House Speaker Nancy Pelosi and Senate Finance Committee Chairman Max Baucus isn’t that a shock. So here we go swipe that card, run that debt, worry about it tomorrow, it is just what we do.
