Another One Bites The Dust

Yet another government entitlement program looks to be about to go belly up.

Social Security Disability Payments Could End in 2017

Aging baby boomers and laid-off workers are inundating Social Security’s disability program with benefit claims, a financial strain that new congressional estimates report could leave the program bankrupt by 2017.

Applications have increased by 50 percent over the past decade, according to a report from the Congressional Budget Office (CBO), as more people with disabilities lost their jobs — and often remain unemployed for months or even years — in an economy that has been hemorrhaging jobs.

See also:
Social Security Disability and SSI going broke
Social Security Disability Payments May Cease in 2017
Social Security disability on verge of insolvency
Report: Disability fund losing cash
A look at Social Security’s disability program
Old And In The Way: The Politics, Policies and Poverty Of Aging
Soc. Sec. disabilities claims up by 50%
U.S. Trust Funds
Social Security Disability Payments In Peril by 2017
Another Looming Entitlement Crisis
Social Security Disability Fund In Trouble
Government Running Out of Funds for Social Security
Social Security disability payments could end in 2017

Medicare, Social Security, and now Social Security Disability are all well down the road toward insolvency and the politicians, particularly the Democrats, don’t have the guts to do a damn thing about it. So, if you’re under say, 50, I wouldn’t be counting on any of these entitlement programs to be there for you when you might need them in the future.

/it’s the Age of Obama economy and you’re just going to have to learn to fend for yourself

Slip Slidin’ Away

Gee, the weasel politicians in Washington continue to abdicate their responsibility and keep kicking the can down the road and the Social Security and Medicare insolvency problem keeps getting worse year after year. Go figure.

Financial Outlook Worsens for Social Security, Medicare

Social Security and Medicare’s annual checkup found that the entitlement system continues to face long-term financial challenges. The Social Security trust fund is expected to be exhausted in 2036, one year sooner than was projected last year. And the date Medicare’s hospital insurance trust fund is projected to be depleted has advanced up to 2024, five years earlier than in last year’s report. Once those dates pass, there will only be sufficient resources coming in to pay out about 77 percent of scheduled Social Security benefits and 90 percent of retirees hospital insurance costs, unless changes are made to the program.

Read the Medicare trustees’ report:

2011 ANNUAL REPORT OF THE BOARDS OF TRUSTEES OF THE FEDERAL HOSPITAL INSURANCE AND FEDERAL SUPPLEMENTARY MEDICAL INSURANCE TRUST FUNDS

See also:
Social Security Board of Trustees: Projected Trust Fund Exhaustion
One Year Sooner

Outlook Worsening for Social Security, Medicare, Trustees Say
New report warns Social Security, Medicare could run out of money even earlier than feared
Outlook for Social Security, Medicare Poor: Trustees
Medicare could run out of money sooner than previously predicted
Bleaker outlook for Social Security, Medicare
Outlook for Medicare, Social Security worsens
Government: How bad is the news about Social Security?
Medicare and Social Security Trustees report: Capitol Hill reaction
Medicare funds will be depleted in 13 years, report says

And, since we’re already into the 2012 election cycle, I wouldn’t expect Obama or Congress to step up and have the courage to make the hard, politically unpopular decisions that will have to be made in order to put Medicare and Social Security back on the path to solvency. Just look at how Paul Ryan is already being attacked for lucidly speaking truth to the demagogues. And so, next year, there’ll be another report telling us that the insolvency problem for Medicare and Social Security has gotten even worse.

/seriously, you didn’t really think you were going to collect Medicare and Social Security benefits, did you?

Obama Sets Another New Record

And it’s not a good one.

U.S. posts record monthly budget deficit

The U.S. government posted a budget deficit of $222.5 billion in February, the largest monthly deficit on record, the Treasury Department reported Thursday.

The government spent about $333 billion in the month and took in about $110 billion. February is typically a deficit month.

Year-to-date, the deficit is $641.2 billion, according to Treasury.

And just how bad is Obama’s out of control spending?

Big government doesn’t come cheaply. According to Congressional Budget Office (CBO) figures released Monday, the budget deficit for February hit a staggering $223 billion – meaning the Obama administration added more in debt last month than was borrowed in all of 2007.

Yep, that’s right, Obama added more to the national debt, money that we don’t have, in a single month, than George Bush added in the entire year of 2007. What’s wrong with this picture?

See also:
U.S. Runs $222.5 Billion Deficit in February; Highest for Any Month
U.S. Budget Deficit Expanded to Monthly Record $222.5 Billion in February
U.S. Posts Record Monthly Budget Deficit In February
February budget deficit highest ever for any month
Budget deficit hits record $222.5 billion in February
US budget deficit hits record in February
U.S. federal gov’t monthly budget deficit rises to record high in February
US Trade & Budget Deficits Get Worse
Deficit this month more than all of 2007
Obama Is Setting Records but Not in a Good Way

Everybody knows exactly what has to be done, Medicare, Medicaid, and Social Security need to be reformed back into solvency. It’s going to be painful and unpopular and the longer we wait to do what’s necessary, the more painful and unpopular the reforms are going to be. Unfortunately, no one seems to want to take the lead on this issue and get the job done, least of all Obama, who’s supposed to be leading this country. Obama is nothing more than a narcissistic political opportunist, more concerned with getting reelected than he is concerned with doing what’s right for the American people and the country.

Hopefully, when they release their 2012 budget proposal, the Republicans will step up to the plate as patriotic adults, negative political repercussions be damned, and include entitlement reform that will start to bring this country back on to the path to fiscal sanity.

/because someone has to do the right thing for America, a concept lost on Obama and the Democrats

How Do You “Invest” When You’re Broke?

Hey Obama, what part of “we don’t have any money” don’t you understand?

CBO: Federal deficit to hit $1.5T this year

Last month’s bipartisan tax cuts and spending deal has deepened the federal deficit dramatically this year, putting the government on track for a nearly $1.5 trillion shortfall — the largest in history — the Congressional Budget Office said Wednesday.

The sobering check on the country’s finances was announced a day after President Obama‘s address to Congress and underscored the country’s tenuous fiscal standing, which could doom many of Mr. Obama‘s initiatives to boost government spending on education, roads and other infrastructure.

The CBO did say the economy appears to be improving, albeit slowly, from a deep recession that drove the unemployment rate to more than 10 percent. The rate is still above 9 percent, despite efforts by Mr. Obama and Congress to pump money into the economy.

“It’s been a slow recovery by the standards of our past. The labor market in particular has been coming back slowly; income has been coming back slowly,” said CBO Director Douglas Elmendorf.

Social Security Will Post Shortfall This Year, CBO Says

Social Security will post a $45 billion shortfall in fiscal 2011 and will pay out more in benefits than it accepts in payroll taxes through at least 2021 without legislative changes, the Congressional Budget office said on Wednesday.

See also:
The Budget and Economic Outlook: Fiscal Years 2011 to 2021
CBO projects record-high $1.5 trillion budget deficit this year
As deficits, debt soar, Obama, Congress fail to confront them
Deficit Outlook Darkens
CBO forecast: frightening fodder for both parties
It’s official: The debt is ballooning. Now can we think clearly?
Social Security to Run Deficits for Foreseeable Future, CBO Says
Social Security fund now seen to be empty by 2037
Social Security to Operate in the Red for the Next 10+ Years: CBO
Social Security to run permanent deficits, says CBO
CBO: Social Security Will Run Permanent Deficits
A Roadmap for America’s Future

I swear, Is Paul Ryan the only adult in Washington? When are these moron politicians going pay attention, grow some spines, and start taking this fiscal crisis seriously. Every day that goes by, we dig ourselves deeper into the national debt hole and it becomes ever so much more difficult and painful to try and climb out of our self inflicted, bottomless deficit pit.

/we’d better just forget about pie in the sky choo choo trains and go straight to the required austerity budget measures

Time To Pay The Piper

Back in February, Obama created the National Commission on Fiscal Responsibility and Reform to come up with solutions to our $14 trillion national debt problem, a good chunk of that debt created by Obama himself. Anyway, after ten months of deep thought, the commission has released a report that they don’t even agree on.

Presenting plan to cut deficit, commission members offer surprising compromises

Members of President Obama’s bipartisan deficit commission expressed a surprising willingness Wednesday to compromise on issues that have long divided Republicans and Democrats, including raising taxes and cutting Social Security.

Confronted with a deficit-reduction plan loaded with political dynamite, members from both parties set aside ideological orthodoxy at least briefly, sparking hope that their work could ignite a serious effort to reduce government debt and spare the nation from a European-style fiscal crisis.

While only seven of the 18 members endorsed the package outright, others staked out positions that could change the terms of the well-worn Washington debate over taxes and spending

Read the report:

The Moment of Truth
REPORT OF THE NATIONAL COMMISSION ON FISCAL RESPONSIBILITY AND REFORM

See also:
Map is offered to slash deficit
Deficit Plan Released by Obama Commission, Few Expect Consensus
A time to govern
Deficit Commission Report receives mixed support
The Deficit Commission Report Is Dead Before Arrival
Deficit Panel Ideas to Lack Needed Support: Conrad
Obama Deficit Commission Plan Won’t Win 14 Votes
U.S. Deficit-Cutting Panel’s $3.8 Trillion Plan on Brink of Being Rejected
Deficit commission: four reasons it could fail
Majority on deficit panel expected to back its recommendations
Obama’s fiscal commission to win majority for deficit cuts
Vote set for controversial debt-slashing plan
National Commission on Fiscal Responsibility and Reform

Even though no one seems to agree on exactly what to do about the deficits and debt, at least they’re starting to talk about it. That’s a good thing. The longer we wait to make the hard choices that are absolutely necessary for the country’s long term fiscal survival, they harder the choices get, and they’re already hard now. If it was easy to solve this problem, it would have been solved by now.

/according to Joint Chiefs of Staff Chairman Adm. Michael Mullen, “The most significant threat to our national security is our debt”

Just Say No Repeatedly, As Often As Possible

What crackhead devil spawn manner of bull[expletive deleted] is this?

Although nobody has any idea as to what’s really in this bill that hasn’t even really been written yet, let’s start with some educated guesses.

SuperCaliforniaGuy (5 hours ago) Show Hide 0 Marked as spam
Reply The real costs are:

(1) 10 years of taxes for 6 years of benefits.
(2) Cut $460 billion from Medicare.
(3) Rob $52 billion from SS.
(4) Rob $72 billion from long-term disability.
(5) Double count the above as bill cost offsets.
(6) Transfer $371 billion into another bill called Doc Fix.

Thus, the true cost is $2.3 trillion for first 10 years, not the democrats advertised $950 billion. This means ballooning the deficit.

Just say no, make your voice heard before it’s too late.

The Free Our Health Care NOW! Action Army

Stopping Obamacare: Weekend Targets

/just do it, before it’s too late

A Real Man With A Real Plan

Rep. Ryan proposes radical solution to budget problem

I spent the first part of the week thinking about President Obama’s proposal for next year’s budget. It’s a modest document meant to take current policy and nudge it forward and leftward while beginning the hard work of pushing the deficit downward. It makes its changes at the edge of the state, freezing growth here and expanding programs there.

But I spent the latter part of the week thinking about the proposal from Rep. Paul D. Ryan (R-Wis.) for what our budget should look like 60 years from now. Ryan’s budget is a radical document that takes current policy and rolls a live grenade underneath it. Social Security? Ryan’s adds private accounts. Medicaid? Ryan privatizes it. Medicare? Same thing. Health care? Ryan repeals the subsidy for employer-provided insurance, replacing it with a tax credit.

The boyish Ryan is a conservative darling and the ranking Republican on the House Budget Committee, but there’s nothing conservative about this document. It does not respect, much less preserve, the status quo. But then, that’s a point in Ryan’s favor. The status quo does not deserve our respect. It is unsustainable. Left unchecked, it will bankrupt our country. On that, Ryan’s radicalism is welcome, and all too rare. The size of his proposal is shocking, but it is proportionate to the size of our problem: According to the Congressional Budget Office, which examined a simplified version of his proposal, it would wipe out our projected long-term deficits.

GOP Rep. Paul Ryan tackles Obama’s path to deficit disaster

The new era of Democratic bipartisanship, like cut flowers in a vase, wilted in less than a week.

During his question time at the House Republican retreat, President Obama elevated congressman and budget expert Paul Ryan as a “sincere guy” whose budget blueprint — which, according to the Congressional Budget Office (CBO), eventually achieves a balanced budget — has “some ideas in there that I would agree with.” Days later, Democratic legislators held a conference call to lambaste Ryan’s plan as a vicious, voucherizing, privatizing assault on Social Security, Medicare and every non-millionaire American. Progressive advocacy groups and liberal bloggers joined the jeering in practiced harmony.

The attack “came out of the Democratic National Committee, and that is the White House,” Ryan told me recently, sounding both disappointed and unsurprised. On the deficit, Obama’s outreach to Republicans has been a ploy, which is to say, a deception. Once again, a president so impressed by his own idealism has become the nation’s main manufacturer of public cynicism.

To Ryan, the motivations of Democratic leaders are transparent. “They had an ugly week of budget news. They are precipitating a debt crisis, with deficits that get up to 85 percent of GDP and never get to a sustainable level. They are flirting with economic disaster.” So they are attempting some “misdirection,” calling attention to Ryan’s recently updated budget road map — first unveiled two years ago — which proposes difficult entitlement reforms. When all else fails, change the subject to Republican heartlessness.

Read the report:

A ROADMAP FOR
AMERICA’S FUTURE
Version 2.0

See also:
The Roadmap Plan
A GOP Road Map for America’s Future
Roadmap to Solvency
Ryan’s fiscal plan draws attention
Paul Ryan’s Long (Deficit) Goodbye
Wisconsin Rep. Paul Ryan Stands Alone on Economic Solution
Rep. Paul Ryan says his budget plan doesn’t represent GOP
Political Punch Podcast: Rep. Paul Ryan, R-Wisc
Paul Ryan and his critics
The Savaging of Paul Ryan
Ryan Gets Serious

Paul Ryan is my favorite Republican, he gets it. He understands, like anyone with even half an ounce of honesty, that the current path of America’s fiscal future is bleak, unsustainable, and will inevitably lead to collapse and default. Sure, Ryan’s plan is radical, full of hard, painful choices, a big solution for a big problem. But, unlike the current “keep kicking the can down the road” policy, RYAN’S PLAN WILL ACTUALLY GET US OUT OF THE GIGANTIC MESS WE’RE IN AND IT’S ALREADY LONG PAST TIME THAT SOMEONE DID SOMETHING!

/although he says he won’t, I wish Ryan would run for President, he’s exactly the kind of leader this country needs right now

We Can’t Pay Back What We Already Owe, So Let’s Borrow More!

Pelosi to propose debt ceiling increase

Language that would raise the U.S. debt ceiling will be included in a defense spending bill up for a vote next week, House Speaker Nancy Pelosi said Thursday.

The deficit is expected to grow by nearly $1.4 trillion this year. House leaders haven’t reached consensus on how much to raise the ceiling, now at $12.1 trillion, but a figure as high as an $1.925 trillion was being discussed, The Washington Post reported.

Treasury officials reported to congressional leaders that the cap must be raised by New Year’s Eve or the federal government would risk running out of money for Social Security and veterans’ payments in January, the Post said.

Yes, that’s right, not only is the House going to vote to raise the debt limit, so we can borrow even more money that we won’t be able to repay but, in an incredibly despicable move, Pelosi and the Democrats are attaching the debt ceiling increase to a defense bill, so anyone who wants to vote against increasing the debt limit also has to vote against funding our troops in the field. One thing there seems to be no limit on is how disgustingly low Democrats will go. Republicans are fighting back, however futile that might prove to be.

House GOP Outraged Over Debt Ceiling Attachment To Defense Bill

Congressman Steve Scalise (R-La.), along with other House GOP leaders, reacted Friday to plans by House Speaker Nancy Pelosi to tack a Pentagon appropriations bill with legislation that would increase the nation’s debt ceiling amount by $1.8 trillion by unveiling the” CAP the DEBT Act.”

The bill would repeal the Gephart Rule, which allows debt ceiling increases to be included in joint budget resolutions without a direct vote. Under the Scalise legislation, changes to the national debt ceiling amount would have to pass both Congressional houses with two-thirds majority vote.

Congressman Scalise said that the CAP the DEBT Act is being filed because “the liberals that are running this Congress have been on a wild spending spree for the last three years, since Speaker Pelosi has had the gavel.”

House Speaker Nancy Pelosi announced Thursday that the ceiling increase would be tacked to a spending bill headed to the House floor next week and that legislation is largely expected to be the pending $636.4 billion Pentagon appropriations bill that would partially fund the wars in Iraq and Afghanistan. Prior to Pelosi’s announcement, House Majority Leader Steny Hoyer (D-Md.) said that increasing the ceiling is necessary in order to pay the country’s mounting bills.

However, Scalise was not happy with the proposed method for increasing the national ceiling, saying “the ultimate sign of hypocrisy is [that] this Democrat liberal group running Congress is going to now again hide behind our troops and throw this increase of the national debt ceiling on a defense bill.”

See also:
Pelosi: House intends to raise debt ceiling
US Pelosi:To Pass Debt Ceiling Hike Next Week on Defense Bill
Hoyer urges $1.8T increase to debt ceiling
Hoyer: US Must Raise Debt Ceiling $1.8T
US’s Hoyer:Debt-Hike Vote Next Week May Include PAYGO Renewal
US lawmakers to vote on debt limit hike next week
Democrats plan nearly $2 trillion debt limit hike
Obama Admin wants to raise US Debt Ceiling by 2 Trillion Dollars – An analysis of consequences
Congress Squabbles Over Debt Ceiling
Republicans Try to Put a Freeze on Debt Limit, as Democrats Call for $1.8T Hike
Blue Dogs threaten to block debt ceiling lift
U.S. National Debt Clock : Real Time

You think raising the debt ceiling to around $14 trillion is bad? Obama’s out of control socialist agenda is on pace to put this country in the hole to the tune of $20 trillion before he’s done.

/this fiscal insanity has just got to stop

Read The Writing On The Wall

The numbers are big but the math is fairly simple, the United States is in deep financial trouble, we’re digging the hole deeper, and no one in Washington is even thinking about putting down the shovel.

Taking the National Debt Seriously

As of Sept. 30, 2009, the national debt was almost $12 trillion and interest on that debt was $383 billion for the year, according to the Treasury Department’s Bureau of the Public Debt. The Congressional Budget Office on Oct. 7 estimated the 2009 budget deficit to be almost $1.4 trillion (about 10% of GDP). In August, the White House Office of Management and Budget (OMB) estimated total government revenues at about $2 trillion. The revenue estimate included $904 billion from individual income taxes. This means the cost of interest on the debt represented more than 40 cents of every dollar that came in from individual income taxes.

Except for a few years in the late 1990s, for decades Washington has spent more than it has taken in each year and borrowed the rest. Taxpayer dollars that could have paid off debt each year have instead been spent on interest to finance debt. Unfortunately, that’s a vicious cycle that will likely only get worse.

The OMB projects deficits of about $9 trillion over the next 10 years. If that occurs, the national debt will be almost $21 trillion by 2019. However, the actual amount could be much higher. The OMB also optimistically projects $13.5 trillion of revenue increases over the next decade, while minimizing the inevitable rise in interest rates that will come with an expanding national debt.

During Jimmy Carter’s years in the White House, Treasury yields reached 15%. The 2009 average interest rate on the debt was only 3.2%. With our mounting national debt and budget deficits, it is reasonable to assume that in the near future interest rates on new and refinanced debt could double or triple.

In stark but simple terms, unless Americans are made aware of this financial crisis and demand accountability, the very fabric of our society will be destroyed. Interest rates and interest costs will soar and government revenues will be devoured by interest on the national debt. Eventually, most of what we spend on Social Security, Medicare, education, national defense and much more may have to come from new borrowing, if such funding can be obtained. Left unchecked, this destructive deficit-debt cycle will leave the White House and Congress with either having to default on the national debt or instruct the Treasury to run the printing presses into a policy of hyperinflation.

See also:
US National Debt Clock
Let’s Play Hypocrisy Or Incredibly Shameless Hypocrisy?
Obama’s $2 Trillion Friday Night Dump
Setting Records
You’d Better Sit Down, I’ve Got Some Bad News
Thank You President Obvious
File Under: No [Expletive Deleted] Sherlock!
Money Doesn’t Grow On Trees
Spending Like A Drunken Sailor On Crack

/hey, I know, let’s spend a couple trillion more on health care “reform”, cripple the economy with cap and trade, and, oh, how about a second “stimulus”?

Let’s Play Hypocrisy Or Incredibly Shameless Hypocrisy?

See if you can guess who gave this speech.

Mr. President, I rise today to talk about America’s debt problem.

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities. Instead, interest payments are a significant tax on all Americans–a debt tax that Washington doesn’t want to talk about. If Washington were serious about honest tax relief in this country, we would see an effort to reduce our national debt by returning to responsible fiscal policies.

But we are not doing that. Despite repeated efforts by Senators CONRAD and FEINGOLD, the Senate continues to reject a return to the commonsense Pay-go rules that used to apply. Previously, Pay-go rules applied both to increases in mandatory spending and to tax cuts. The Senate had to abide by the commonsense budgeting principle of balancing expenses and revenues. Unfortunately, the principle was abandoned, and now the demands of budget discipline apply only to spending.

As a result, tax breaks have not been paid for by reductions in Federal spending, and thus the only way to pay for them has been to increase our deficit to historically high levels and borrow more and more money. Now we have to pay for those tax breaks plus the cost of borrowing for them. Instead of reducing the deficit, as some people claimed, the fiscal policies of this administration and its allies in Congress will add more than $600 million in debt for each of the next 5 years. That is why I will once again cosponsor the Pay-go amendment and continue to hope that my colleagues will return to a smart rule that has worked in the past and can work again.

Our debt also matters internationally. My friend, the ranking member of the Senate Budget Committee, likes to remind us that it took 42 Presidents 224 years to run up only $1 trillion of foreign-held debt. This administration did more than that in just 5 years. Now, there is nothing wrong with borrowing from foreign countries. But we must remember that the more we depend on foreign nations to lend us money, the more our economic security is tied to the whims of foreign leaders whose interests might not be aligned with ours.

Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

I therefore intend to oppose the effort to increase America’s debt limit.

Give up?

Senate must raise debt ceiling above $12T

The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests about the record levels of red ink.

The move will highlight the nation’s record debt, which has been central to Republican attacks against Democratic congressional leaders and President Barack Obama. The year’s deficit is expected to hit a record $1.6 trillion.

Democrats in control of Congress, including then-Sen. Obama (Ill.), blasted President George W. Bush for failing to contain spending when he oversaw increased deficits and raised the debt ceiling.

“Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.”

Obama later joined his Democratic colleagues in voting en bloc against raising the debt increase.

Now Obama is asking Congress to raise the debt ceiling, something lawmakers are almost certain to do despite misgivings about the federal debt. The ceiling already has been hiked three times in the past two years, and the House took action earlier this year to raise the ceiling to $13 trillion.

gr2009032100104

See also:
Lawmakers Urged to Raise Nation’s Debt Limit
Obama: Debt Ceiling Must Be Raised to $12 Trillion
O’s Owe Woe
Raising the debt limit could be tricky
How to pay off $12 trillion
Uncle Sam Could Risk AAA Status As Early As 2012
US National Debt Clock
Setting Records

And remember, by the time Obama’s done deficit spending and piling on the national debt, Congress will be asked to raise the U.S. national debt limit to $20 trillion. But hey, long before that, our creditors will probably wisely stop buying our debt and force us into default.

We’re literally living on borrowed time and money and none of the deficit spending addicted politicians in Washington seem to even give a [expletive deleted]. They’re intent on driving this country over the cliff, into the abyss, and Obama’s stomping down on the gas pedal.

/as they say, may you live in interesting times, what’s not to like?