Yahoo! News: Democrats propose $1.9T increase in debt limit
WASHINGTON – Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.
Trillion is the new billion.
It’s hardly the debate Democrats want or need in the wake of Sen.-elect Scott Brown’s victory in Massachusetts. Arguing over the debt limit provides a forum for Republicans to blame Democrats for rising deficits and spiraling debt, even though responsibility for the government’s financial straits can be shared by both political parties.
Who tripled the deficit, again?
Congress has never failed to increase the borrowing limit.
“We have gone to the restaurant. We have eaten the meal. Now the only question is whether we will pay the check,” said Finance Committee Chairman Max Baucus, D-Mont. “We simply must do so.”
A White House policy statement said the increase “is critically important to make sure that financing of federal government operations can continue without interruption and that the creditworthiness of the United States is not called into question.”
Less than a decade ago, $1.9 trillion would have been enough to finance the operations and programs of the federal government for an entire year. Now, it’s only enough to make sure Democrats can avoid another vote before Election Day.
Yeah, we eat, you pay.