Seems to me I remember seeing a news story several times a year when the debt limit was getting near and there was much talk about having to authorize a higher limit or stop spending.
Somehow I think weve blown past that. Yes they need to be stopped.
It's a regular bill that requires passage by both houses and a signature by the President. That being so it could be one place where it might be possible to trip up the Obama process.
My guess is they are trying to keep it quiet because they know how disgruntled taxpayers are getting.
The last mention I see of the limit being upped was an Oct. 2008 article reporting it had been raised to $10.6 trillion. I think a hike in the limit might have been a part of the huge bailout bill that was recently passed.
I fear we are going to wake up one day soon and find the entire financial foundation of the entire world has collapsed as we slept.
There is simply no way we can continue to pile up the kind of debt we're talking about now. And with Obama admitting he's not worried about what the markets do that debt will just keep climbing.