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November 13th, 2009 6:08 pm
Breaking the Glass Ceiling of Debt

Uninhibited by the mounting debt being incurred through present and future spending, the White House is pressuring Congress to raise the legal cap on the country’s debt limit.  Rebecca Christie of Bloomberg reports:

The Obama administration is confident Congress will raise the country’s debt limit by year end to avert a showdown similar to the one that shuttered parts of the government in 1995, administration officials said.

The White House wants an increase of at least $1 trillion to $1.5 trillion, according to a person familiar with the deliberations between lawmakers and the administration. Record budget deficits are pushing the national debt closer to the $12.1 trillion statutory limit.”

One would think a debt ceiling of $12.1 trillion would be a high enough threshold that – if reached – would prompt lawmakers to question the necessity (and sanity) of going over it.  One would be wrong.  What’s more, the Obama Administration is signaling that it doesn’t really care how Congress gets around to extending the nation’s credit line, as long as it does so before anyone has to choose between less spending or less work for federal employees.

The administration officials said the White House is open to any legislative vehicle that will raise the debt limit, by any amount.”

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