It appears there will be no debt ceiling drama later this month….the house passed a “Clean” debt limit increase last night, and while I suppose it still needs to get through the senate, that seems likely. Rather than set an amount, it looks like again they have set a date…removing the debt limit until March 15/2015…at which point the debt outstanding would become the new limit.
Honestly…I think the republicans did the right thing. They get a week or so worth of “surrender” and “caved” headlines….then it’s all over with. They were never going to win anything material anyway….and they won’t until they get the Senate and the presidency (and even then…don’t hold your breath).
I find it curious how it only took a few years for 500B+ deficits to become normal to the country. Can you imagine…a family with $50k of income…that spent $60-70k per year….would within a few years find itself ruined. This is common sense…we all accept it. Yet when it comes to the nation…the economists and the bankers have nearly al of us convinced that it is quite fine….and that in fact we can do this indefinitely.
I doubt it, but we’ll see:)
Catch up (June/July 2018 Cash Deficit)