Debt Ceiling Will Be Upon us Before End of Year

Tuesday, November 27th, 2012 and is filed under Debt, News

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The U.S. Treasury is slated to brush up against the $16.394 trillion debt ceiling by the end of December.  But unlike in 2011, when the Treasury was able to employ extraordinary measures to buy almost three more months of time, they will lack those resources this time, according to The Hill.

The real story here is that we burned through $2.1 trillion of the previous debt limit increase in just 16 months, even though the debt limit agreement was supposed to solve our problems.  Now we are expected to go along and to it again without enacting a balanced budget.  This insanity has got to stop.