I used to collect Wacky Package stickers as a child, never thinking that they might one day out-value the dollar...
Just like California, the U.S. Federal Government has reached its limit when it comes to spending money. It should come as no surprise given the rate at which Obama and the Democrats have been doling it out. (Who was the genius behind "Cash for Clunkers" anyway?) What is surprising is the estimated time until the feds can spend no more - TWO MONTHS.
That's right, folks. In two month's time, the government will have reached their debt ceiling, a limit of $12.1 TRILLION, a number mandated by Congress that the U.S. cannot spend beyond.
Can you imagine all of the shocked faces of seniors when they open their Social Security checks and find an I.O.U.? What about our veterans and civil service pensioners? Will they be issued funny money as well? Oops. I almost forgot. How will the government print and mail those millions of I.O.U.s without spending any more money?
"It is critically important that Congress act before the [nation's debt] limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," Tresury Secretary Geithner said in a letter to Senate Majority Leader Harry Reid.
A Treasury spokeswoman declined to comment on the letter.
"Congress has never failed to raise the debt limit when necessary. Because members of both parties have long recognized the need to keep politics away from this issue, these actions have traditionally received bipartisan support," Geithner's letter continued. "This is clearly a moment in our history that calls for continuation of that tradition." -- ABC News
Whether Congress raises the debt ceiling or not, and they most certainly will, I expect the Chinese to soon make their own "moment in history" - pull the plug and cut their losses.
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OT: How's everyone's home garden doing?
The beginnings of my winter crop are sprouting nicely, with the beans soon ready to transplant. I think I'll go start some more seeds...
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