Obama formally seeks debt ceiling increase
President Obama formally asked Congress Thursday to raise the nation’s debt ceiling, stating the country’s debts have fallen within $100 billion of the current debt limit and an increase is needed to meet “existing commitments.”
The request came Thursday in a letter from the president to House Speaker John Boehner. The latest request is the third asking to raise the debt limit since the contentious debt ceiling agreement last August. That agreement called for the ceiling to be increased in three stages, giving Congress the opportunity to express disapproval at each stage.
That deal, signed into law in August, authorized a phased increase of the debt ceiling by up to $2.4 trillion, with $400 billion of that kicking in immediately and another $500 billion coming in September. This latest request – for an additional $1.2 trillion – is the final stage of the agreement. Congress has 15 days to pass a joint resolution denying the request for the increase, which President Obama can then veto. In September, the Republican-controlled House passed a resolution against Obama's request to increase the debt limit, but the Senate did not.
In response to today’s request, Speaker Boehner’s spokesman Brendan Buck said, “Washington’s mounting debt is hurting our economic recovery, and this request is another reminder that the President has consistently punted on the tough choices needed to rein in the deficit and protect important programs for American seniors from going bankrupt.”
The new debt ceiling is expected to meet current financial commitments through the end of next year, according to the Treasury Department official.
Dude! What!? I'm slightly confused about what all of this really means, because I can't fathom how much money a trillion dollars is... I have no concept of that. Thousands of dollars, hundreds of thousands of dollars, I might have a grasp on that, but billions? trillions? Good one...
I guess what got me thinking, when I read this, is how defunct our nation is? I know there are people out there trying to crawl their way out of debt, and there are those who plan ahead and are careful about how they go about spending money and living their life... However, the overwhelming majority doesn't. Loans are loans are loans. Money is meant to be made and spent on whatever our hearts desire, regardless if it is within our budget or not. Because really, who budgets, when the people leading are nation are increasing the amount of money that we can go in hole? Someone correct me if I'm wrong, but that seems backwards.
Then I debate with myself because I want to go to med school. Hmmmm, this will create a ginormous pile of debt for me. It might as well be millions, because I have never paid for anything that expensive in my life... So it will take time and dedicated effort to crawl back out of the hole. But this is what a very wise man has taught me (Dad); if you can live like no one else, you WILL live like no one else. Live below your means. Make a plan to pay off debt as quickly as you know how. Don't let it sit idle. Attack it. Save and be thrifty, so you can live your life on your own terms, not on someone else's.
Granted, I am a little peon, doing the nose to the grind kind of living, so take my opinions with a grain of salt. But I feel that our nation's leaders should have a chat with my father...
:) Cheers to the weekend
No comments:
Post a Comment