The Drudge Report links was in red letters, like it was a scary awful story. Here it is from Business Insider: “The New Debt Ceiling ‘Drop Dead’ Date Is Going To Be Earlier Than We Thought.”
The U.S. is likely to exhaust its borrowing authority on the earlier side of what Treasury Secretary Jack Lew had estimated, he said in a letter to Congressional leaders on Wednesday.
Lew warned in the new letter that Congress will likely need to raise the debt ceiling by late February to avoid a potential default on the country’s obligations.
As part of the bill to reopen the government in mid-October, the debt limit was suspended through Feb. 7. The Treasury can use so-called “extraordinary measures” after that point to keep borrowing and paying the nation’s bills for a few weeks thereafter.
Blah, blah, blah. We’ve heard about the crisis too many times to listen any more.
Notice that the idea of a sudden emergency curtailment of spending in order to meet the earlier predictions is not even considered. There is no pressure at all on any of these people to save money or spend less.
I harbor real suspicions that this is really a surprise to Jack Lew. How do we know his earlier estimate was sincere and not deceptive?
But, if we find he really is surprised, or if Congress is surprised, then remember: they passed the spending bill. In fact, they passed it without reading it, so it is not that surprising that they had no idea when the government would reach the debt limit.
Which brings us to a simple point: how can we listen to Republican politicians rant about the raising of the debt limit if they also voted for the new $1.1 trillion spending bill in the first place? They have already voted to spend the money. Assuming they didn’t authorize new ways to collect revenue from people then of course that vote was also a vote to borrow the money.
So how are they now going to blame Obama for raising the debt ceiling when they are the ones who voted to go into more debt?