So, how did we get to this crisis point? Let's review the bidding to see. In early Spring, President Obama told Congress that, in 18 months having taken the Country from less than 10 trillion in debt to more than 14 trillion dollars in debt, he wanted a "Clean" increase of 2.7 trillion in the Debt Limit, intended to facilitate his spending plans thru the 2012 election cycle. By "clean", the Administration meant, this additional borrowing authority would not be tainted or otherwise coupled with any constraints of this fiscal insanity. Think about the magnitude of federal expenditures in excess of governmental revenues he contemplated, as federal income currently runs about 1.7 trillion dollars per year. No one in human history had ever embarked on largess of this size, or anywhere close to the magnitude of spending exceeding income. Its like Obama thinks he can just print money in the basement. Oh wait, that's the Federal Reserve, and that's a different story for a different Blog.
Only after the Republican House said no to the Administration's demand for a clean increase, did Secretary Geithner come on the Sunday News Shows, as he did today, and say that ANY debt ceiling increase that did not include trillions of dollars in debt reduction would lead to economic ruin for the nation, because world markets know that America's fiscal irresponsibility - never ending larger annual federal deficits - will lead to the collapse of the dollar and spiraling higher interest charges for our borrowing. Truly amazing - Treasury Secretary demand no spending cuts in February and in July says that increase without major cuts is insanity. Wow, his cure from mental illness was almost as fast as Rep Weiner's recovery from his sexting addiction. Time for Change at the top, I sincerely Hope.