How could this happen? Obama has been so careful while adding $6 trillion to the national debt during his 3 years in office and his Democrats refusing to pass a budget since April 29, 2009 helped keep the deficits below $2 trillion each year. After asking for three debt ceiling increases in under a year, it looks like Obama is going to have to ask for another one right before the election.
From The Hill:
The $16.4 trillion debt ceiling could be reached just weeks after Election Day, according to a new report.
The analysis raises the possibility that lawmakers might have to raise the nation’s borrowing limit before the election, a scenario they took pains to avoid in the debt deal passed in August.
Now, partially due to lower than expected tax receipts, the nation could reach the $16.4 trillion debt limit as early as late November, according to an analysis from the Bipartisan Policy Center (BPC) to be released Friday.
Just a few weeks ago, the Center has estimated the debt-limit wouldn’t be reached until the spring of 2013.
But continued sluggishness in the economy, coupled with the recent payroll package that adds to the deficit, is casting doubt on that timeframe, raising the possibility of a bitter fight over deficit spending at the height of a presidential election year.
budget n.
1. An itemized summary of estimated or intended expenditures for a given period along with proposals for financing them
2. A systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period
What part of this definition do the Liberals (Socialists) NOT understand?