Tell us something we don’t already know. Gee, what a precient observation. BTW, interest on the debt last year was almost 500billion and the jackass in the whitehouse wants to raise it much farther.
The Obama administration warned on Monday it could start defaulting on the government’s obligations “very soon” after hitting a limit on the national debt later this month.
Treasury Secretary Jack Lew said the federal government should hit the ceiling by the end of February unless Washington raises the nation’s limit on public borrowing.
The federal government would then burn through its remaining cash more quickly that it would at other times of the year because the Treasury will be issuing tax refund checks, Lew said.
http://www.cnbc.com/id/101359298
Simpson-Bowles is a very reasonable plan. I wish Republicans would support it.
Massive debt is going to crush us at some point. It’s a ticking timebomb.
Politicians of both parties use debt to buy votes and will not stop spending until they are forced to do so by a debt service crisis. We are screwed.
I give the guy some credit.
One of the VERY FEW in office or media willing to talk about it.
Most are pretending it can’t ever happen.