WASHINGTON – Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.
The unpopular legislation is needed to allow the federal government to issue bonds to fund programs and prevent a first-time default on obligations. It promises to be a challenging debate for Democrats, who, as the party in power, hold the responsibility for passing the legislation.
I love this analogy from Max Baucus
Congress has never failed to increase the borrowing limit.
"We have gone to the restaurant. We have eaten the meal. Now the only question is whether we will pay the check," said Finance Committee Chairman Max Baucus, D-Mont. "We simply must do so."
No idiot, we are still at the restaurant eating like a bunch of fat pigs but now our credit card is maxed out and we are calling the bank for a credit extension.
The AP columnist notes:
Less than a decade ago, $1.9 trillion would have been enough to finance the operations and programs of the federal government for an entire year.
This country is finished.
1 million dollars in c notes:
1 billion dollars in c notes:
1 trillion dollars in c notes: