Saturday, August 08, 2009

Good news: U.S. goes bankrupt in October unless debt limit is raised to $12.1 trillion

The bill for Barack Obama's massive spending packages -- all approvingly passed by Nancy Pelosi's Democrat Congress -- has come due. The nonsensical $787 billion "Stimulus" package that failed to spur unemployment. The pork-filled budget, criticized by almost every economist because it quadrupled the deficit. The dozens of bizarre, extravagant expenditures such as $200 million for three Gulfstream jets to ferry Congressional royalty around the world. Millions in "bonuses" and "spending money" for Congress and staffers.

These irresponsible bureaucrats have now endangered the full faith and credit of the United States government with the most reckless spending frenzy in history.

U.S. Treasury Secretary Timothy Geithner formally requested that Congress raise the $12.1 trillion statutory debt limit on Friday, saying that it could be breached as early as mid-October.

"It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," Geithner said in a letter to Senate Majority Leader Harry Reid that was obtained by Reuters.

No cuts in the size of government: it keeps growing.

No cuts in the spending by government: it keeps growing.

The latest request comes as the Treasury is ramping up borrowing to unprecedented levels to fund stimulus and financial bailout programs and cope with a deep recession that has devastated tax revenues.

Tax revenues were destroyed by the Democrats' Politburo approach to managing the economy. Central planning, Soviet-style has never worked. Never!

Only tax cuts, unleashing the full entrepreneurial genius of the American economy, will allow the economy to grow.

Only tax cuts, freeing businesses and individuals to hire, invent, invest, manufacture, create and innovate, will work.

But in good times and bad, these irresponsible Democrats are destroying the economic future of this country.

And they're doing it on purpose. There can be no other explanation.

Why was the United States founded in the first place? Because brave men threw off the yoke of an out-of-control, monolithic government that taxed, regulated and strangled a young colony. The progressives, the Statists and the Democrats appear to have forgotten that lesson.

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