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Dems Looking To Raise Debt Ceiling To $13 Trillion
Washington Post
October 22, 2009
Within the next few weeks, probably as soon as the votes on health-care reform have been taken, the Senate faces the painful duty of once again raising the statutory limit on the national debt, as the House already has done.
It is never fun for the party in power, but this year will be harder than ever on the Democrats. The final accounting on the just-ended fiscal year, delivered last week, showed a record deficit of $1.4 trillion, a gap that is the largest since the end of World War II when measured against the size of the overall economy.
This is what $1 Trillion dollars looks like. The Obama administration spent One-Trillion-Four-Hundred-Billion dollars in just one year.
The Republicans are poised to pounce. Senate Republican leader Mitch McConnell accused the Democrats of “acting like a teenager on a spending spree with his parent’s credit card with no regard to who pays the bill.”
The Democrats, in turn, blamed the George W. Bush administration for starting the deficit spending and say that they themselves had no choice but to spread the red ink in order to deal with the potential economic collapse they inherited.
The one barely possible benefit from this predictably futile partisan bloodbath is the opportunity it could offer to leverage support for a long-standing bipartisan effort to force Congress to confront the hard steps needed to put the nation on a safer fiscal course.
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