According to CBS News, the US government has exceeded the debt limit – no big surprise there. According to a “senior treasury official,” the government uses “extraordinary accounting tools” to give itself some room to maneuver when they’re getting close to reaching the debt ceiling.
In other words, the government has spent more money than is allowed, but when that happens, all they have to do is cook the books to make it look like they still have some breathing room. If this was done by any corporation in the US, they would immediately be labeled as “evil” and the CEO would be jailed…but in the US government, crime is okay (after all, the Obama administration has tax cheats setting tax policy). The real question is, why do they still call it the debt ceiling? With the frequency that the Dems keep moving it up, it’s more of a one-way elevator.
Congress was already set to raise the debt ceiling by $2 trillion, a move that was (thankfully) shot down by Republicans & Blue Dog Democrats. The progressives wanted to raise the debt ceiling now so they wouldn’t end up having to do it closer to the midterm elections, when there is a much better chance that voters will remember their actions in the voting booths.
But let’s face it: the Democrats are setting records when it comes to spending. Barack Obama has spent more money in his first year in office than any other president in history ever did in the same amount of time (and that’s after adjusting for inflation). If they’re looking to save face with these kinds of cheap shenanigans, it won’t work.
It’s time to throw the bums out…and it wouldn’t hurt to throw in some prison time for fraud while we’re at it.