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Your Take: US Credit Limit Raised Again
Posted By Jim On 09/28/2007 @ 9:48 am In Your Take | 9 Comments
When President Bush took office the national debt was $5.6 trillion. That’s right, five trillion, six hundred billion dollars. That’s $5,600,000,000,000.00 in debt. Yesterday, the Senate voted 53-42 to raise the credit limit for the fifth time in the Bush Presidency to $9.815 trillion dollars. 9,815,000,000,000.00 is how much debt the United States is allowed. Isn’t that absolutely staggering?
What makes this absolutely hilarious is the fact that all these lawmakers went absolutely nuts about the “subprime meltdown.” Oh, so when the banks were offering credit to people who had absolutely no right getting that credit, it was a travesty. When we discovered that these borrowers couldn’t pay the debt back, we needed consider bailing them out because they were the victims of predatory lenders. But, when the government can’t control its spending and is about to hit its limit, they can just raise it by, oh, eight hundred and fifty billion dollars. I wonder if any other country is going to bail out the United States when we discover we can’t possibly pay it back. It’s predatory lending!
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