Debt Ceiling Increase Desperately Needed Says Geithner

Filed in Gather News Channel by on January 6, 2011 0 Comments

Congress is in for a bumpy ride in 2011. In February of 2010 Congress voted to increase the debt ceiling to $14,294,000,000,000. That was an increase of close to 2 trillion dollars. An out of control government is leading us to the brink of financial disaster.

Timothy Geithner is pleading with Congress to prepare to increase the ceiling again.  Simply put the debt ceiling limits how much borrowing the Treasury Department can do in order to fund government spending.

Mr. Geithner made the case that, no matter what we do at this point, we will have to raise the debt limit or face financial disaster.  Lawmakers knew that this day would come.  Yet they continue to spend money like there are unlimited funds at their disposal.  Way too many unnecessary spending bills pass that cost the taxpayers billions of dollars.

From continuing to fund unemployment, to frivolous spending that Congressmen and Congresswomen do without thinking about the consequences.   At some point we just have to stop.  If our government were a business, it would have gone bankrupt long ago.

Congress spends billions of taxpayer’s money on projects that in bad economic times just doesn’t make sense.  How about $600,000 to help digitize Grateful Dead memorabilia, and $2.9 million to study the World of Warcraft.  This information was made available by Senator Tom Coburn in his Guide to 2010 Wasteful Government Spending.  It’s very interesting reading, and is almost laughable if it weren’t true.

Our lawmakers should be educated intelligent people, but when you see stuff like this you know that they aren’t.  Are we going to continue the trend of spending more money than we have?  Where does the buck stop?

Be sure to read the Washington Post article on Timothy Geithner’s plea with Congress to increase the debt ceiling.  They don’t have a choice at this point.  They will have to do it.

Photo credit: penywise from

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