This past Friday Treasury Secretary Timothy Geithner asked Congress to increase the debt limit, which is currently $12.1 trillion. In a letter sent to Congress Geithner asks for the increase but did not specific the amount. Just ask for a blank check Tim.
In the same rhetoric used by his boss, Geithner said in the letter, “It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations.”
This is the same rhetoric they use when they want to raise taxes for education. The say something like, “We must spend $100 trillion per child per week in order to match the education of other countries. If we fail to do this, we fail our children. They may grow up to become conservatives” BS is BS. Even sugar coating it does not change it but liberals like the taste anyway.
He wrote “Congress has never failed to raise the debt limit when necessary. Because members of both parties have long recognized the need to keep politics away from this issue, these actions have traditionally received bipartisan support.” “This is clearly a moment in our history that calls for continuation of that tradition.” (See the BS statement above.)
While it is true the debt limit has been raised in the past, now is not the time to do this. Given the current debacle of the healthcare fight, Obama’s stimulus and bailouts of banks, and automakers, cash for perfectly good vehicles we hate program, the anger by we the people towards Congress and Obamanomics, this will be another out of control spending spree for Obama. He is creating a mess that will take decades to clean up.
The Treasury Department is saying the debt limit will be hit in the October December quarter of this year. It was raised last February as the $787 billion Obama-Stimulus package was given to us unwillingly.
The Congressional Budget Office has said the federal government’s budget deficit to reach $1.3 trillion through the first ten months of fiscal 2009, right on track to reach a record high of $1.8 trillion for the 12-month period.
Don’t believe any reasons given for this increase request. Because of the never before levels of spending by the Obama House, tax revenues have fallen to a record below that of 1932.
This is all a set up for the largest tax increase in American History coming to a paycheck near you soon. Instead of tax cuts that would give real stimulus to our economy, create real jobs, provide real growth in business and let consumers spend or save money, they are only destroying our free market and way of life.
Geithner asking Congress to increase the debt limit is like a spoiled kid blowing their allowance foolishly and then demanding more. Obama is that spoiled kid and we as the parents need to take Barry to the woodshed.