You know, of course, that the United States government has a huge debt – and it’s rising.
But did you know that your “per-person” share of the national debt already amounts to $45,300?
Congress has a “legal debt limit” of $14.29 trillion. But since the non-limiting limit is expected to be reached in March – or, certainly, no later than May – what is Congress planning to do?
Will it cut spending – or keep on spending and just vote to raise the meaningless debt limit once again?
Treasury Secretary Timothy Geithner has said failure to raise the debt limit would be “catastrophic” and would mean default by the United States. He says default would create in effect a “long-lasting tax on all Americans and all American businesses,” killing millions of jobs.