October 17, 2013
No Debt Ceiling Now ... Obama Has No Spending LimitTopics: Political News and commentaries
The good news is that the debt ceiling debacle is over, the very bad news is that Obama has a blank check to spend away with no limitations ... free to drive us ever-deeper in debt.
From The Daily Caller:
There's no actual debt ceiling right now.More here.
The fiscal deal passed by Congress on Wednesday evening to re-open the government and get around the $16.4 trillion limit on borrowing doesn't actually increase the debt limit. It just temporarily suspends enforcement of it.
That means Americans have no idea how much debt their government is going to rack up between now and February 7, when the limits are supposed to go back into place and will have to be raised.
There is no dollar amount set for how much debt the government can accumulate between now and then. The suspension strategy was employed first earlier this year during previous fiscal battles in Congress.
Meanwhile our national debt currently stands at $16.9 trillion ( in reality the $16.9 trillion is a fraction of the total national debt of over $222 trillion in unfunded liabilities owed by our government ... and growing at the rate of $1.79 billion per day with unfunded liabilities growing at more than $5 trillion per year.)
As the Chinese credit rating agency Dagong just told us, "The fundamental situation that the debt growth rate significantly outpaces that of fiscal income and gross domestic product remains unchanged" ... we are already spending more than we can ever pay back, period.
And spendaholic Washington with entitlement/wealth-redistribution King Obama having just been given a blank check to spend more. And keep in mind that another entitlement that we can't pay for just kicked in - Obamacare.
Posted by Hyscience at October 17, 2013 3:25 PM
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