Yep, it’s that time again: Democrats and Republicans squabbling over the debt ceiling. For years, both sides have changed positions: the donkeys want to rein in the debt, but then support raising the debt ceiling; the elephants want to rein in the debt, but then support raising the debt ceiling.
Who knows how else this debate will unfold this year?
For some Republicans, however, the national debt, which topped $22 trillion earlier this month (SEE: U.S. debt tops $22 trillion, expected to surpass $23 trillion in a year), is a security threat that needs to be solved. Representative Andy Biggs (R-AZ) has partnered with House members to sponsor legislation that recognizes the nation’s race “towards a fiscal cliff” as a “threat to our national security.”
Not only does the bill identify the debt as a security crisis, but it also restores “regular order” to the appropriations process and addresses the “fiscal crisis.”
This bill has 37 co-sponsors, and Senator David Perdue (R-GA) is trying to find co-sponsors in the upper chamber.
“The single greatest threat to our national security is our national debt, and it’s time Washington comes to grips with that reality,” Perdue told Fox News. “This month, our national debt topped $22 trillion. This news should have sounded alarms throughout Washington, but bureaucrats and career politicians didn’t even blink an eye.”
It is a commendable initiative, but it is a futile endeavor because nothing is going to change.
While the upcoming debt ceiling deadline is worrisome, the White House is confident it will not create a widespread panic because the Treasury Department will use available cash to keep the government running through the summer.
Simply put, no debt fight this year. Sorry, folks!
No debt fight next year, with a general election the politicians would be crazy to bring it up. Because both sides are guilty as hell.
I am getting out of debt as fast as possible, paid off $16,000 in the last 12 months with income of just $36 K. Now my remaining credit card debt is on zero interest cards and will equal zero in Nov 2019.
I just got approved for a $4,000 CC with 18 months zero interest, I love using the Bank’s money for free. Bank’s will never again charge me interest for using their cards.
People need to realize governments can fail and screw all their citizens along the way, think Venezuela is the only country that has ever suffered hyper inflation. Those who do not know history are doomed to repeat it. The coming Economic Collapse because of government and private debt is going to make the 1930s depression look like a boom time.
Your comments are correct and serve as a warning to the People to the biggest secret hidden in plain sight the coming Economic Collapse.
Getting out of personal debt is tantamount to personal security but also is the understanding of the future events and the means to counter them by holding physical gold and silver.
Every purchase of such will act as a means to provide the ability to supply that security and will add up to a larger amount over time until that collapse occurs.
I purchased 100 ounces of silver last year at prices $1.50 cheaper per ounce than today, using a zero interest PayPal account, I just wish I would of bought more. I have always made money buying and selling silver, now I am in a buy and hold position. At today’s price my silver will be a nice thing to leave my children and grandchildren, if I do not have to use it, I will not. But, the 22 Trillion in government debt, consumer debt and corporate debt is scary. I do not know how long the FED can keep this debt bubble from bursting.
I think the SWHTF before to long.