President Joe Biden and Congressional leaders say they are optimistic about reaching an agreement this week on raising the national debt ceiling.
An agreement to keep the federal government going -- and continue plunging our nation deeper and deeper into debt.
Right now the country's borrowing limit stands at $31.4 trillion -- that's trillion with a "t." A lot of money.
A lot of borrowed money.
But it's apparently not nearly enough to keep the federal government running. The tipping point is rapidly approaching. That's when accounting gimmicks run out and we risk defaulting on our nation's financial obligations, putting our credit rating -- already lowered once in an earlier debt ceiling standoff -- at risk yet again.
We all know the drill. The president blames the Republicans in Congress for the current financial mess. The Republicans blame the president and the Democrats. Both sides will pontificate and preach. And in the end they will come to a deal becasue they don't have any other choice.
That's the way it works.
Well, the U.S. cannot keep traveling down this path. It's economic suicide. The interest payments alone consume more than a third of all the revenue the government takes in. If our leaders keep borrowing the interest will reach half of all federal revenue.
That's money just thrown away.
We have to see some serious spending cuts. We have to see some fiscal responsibility.
And no, we are not just talking about social programs. We need spending cuts all around.
Each time we increase the debt ceiling were are moving closer to the economic abyss. And one of these days we will fall over.