I was discussing the economic disaster that’s whipping around Washington earlier today, and I just read another news article about the looming D-Day when the U.S. will default on its debt unless Congress takes action to push the debt ceiling higher.
We’re pushing up against the $8.2 trillion (with a “T”, holy cow) limit and will apparently hit it sometime in the next two weeks. The feds have already tapped $15 billion from the Exchange Stabilization Fund, as well as a huge government pension fund, and have nowhere else to turn.
I read that the total deficit has increased by $3 trillion under the Bush administration. That means it was roughly $5 trillion when he hit office, and doing the math his fiscal policies have increased the overall deficit by 40%. Holy pocket calculators, Batman!
What a disaster.