Do you know that Congress establishes a federal “debt limit”?
Currently, the limit is $14.29 trillion. We are close to the limit now, with debt at about $14 trillion.
That’s $14,000,000,000,000!
We, the taxpayers, have to pay taxes to cover interest on the debt. And debt is going higher. We’ll reach the limit, set last February, probably by the end of March, but certainly no later than May 16, government officials say.
So what will we do? Unfortunately, we won’t significantly cut spending and borrowing. Instead, Treasury Secretary Timothy Geithner has told Congress the Obama administration wants the debt limit raised!