The US Credit Card Reaches its Max Today
May 16th, 2011As predicted, the $14.294 trillion debt-ceiling will be tapped today. According to several sources the federal government will begin scrounging up funds from federal retirement funds. *ouch*
Treasury Secretary, Tim Geithner, encourages Congress to begin making plans to raise the debt-ceiling. He warns of catastrophic events if the credit limit isn’t increased, in his letter to a co-fiat system supporter, Michael Bennet. [Read the entire letter here] Bennet inquired about the repercussions of NOT raising the debt-ceiling in hopes to garner up support from his colleagues in reaching an agreement in Congress.
I’m no expert to predict the United State’s fiscal policy’s future, however don’t be surprised when they decide to raise it. It’s inevitable according to the number of supporters and dissenters in Congress at the moment. Let us not forget though: The bigger they are, the harder they fall. So if Geithner is preaching about the devastation of a default on our debt at today’s level of debt, I’d love to see what kind of chaos he predicts 2 years from now when we hit the next arbitrarily adjusted debt-limit. There’s just no end to this madness it seems…or is there?
