President Barack Obama just signed a bill into law allowing the United States government to borrow another 1.9 trillion dollars, raising the debt ceiling from $12.394 trillion to $14.294 trillion.
Congress was forced to go along with this increase because our mounting debt was about to break through the ceiling on its own.
Can you write out $14.294 trillion? Do you know how many zeros it takes?
This new measure is described as “pay as you go”. Rule is, if you spend a dollar, you must cut a dollar somewhere else. Good idea. Any new “mandatory” spending must be offset by budget cuts or new revenue. So, if the rule works, why do you need to raise the ceiling almost 2 trillion dollars? Wouldn’t a couple billion be enough? I’m sure I don’t understand.
What I do know for sure is, that’s a lot of debt. And it doesn’t look like it will be getting better anytime soon.
As for me and my household, we’re spending less. How about you?
Can you touch the ceiling in your house?
