It is an unfortunate fact that too many presidents and too many members of Congress have used our own money to try to buy our votes through unjustified spending – increasing the national debt in the process.
But from time to time, some members of Congress try to be responsible – and some other members try to appear responsible – by setting a legal “debt limit.”
The “limit,” of course, is supposed to prevent Congress from spending too much beyond already too-high taxes.
The problem, however, is that every time irresponsible congressional spending approaches the “debt limit,” Congress simply passes a new bill to raise the “limit.”
That is in the news today because the current legal debt limit is $14.25 trillion. And President Barack Obama’s Treasury Secretary, Timothy Geithner, has told Congress the government will hit that mark no later than May 16!