Instead of fiscal responsibility- which it’s a little late for, now – the current administration in the U.S. continues to spend like anyone with 18-gazillion credit cards would. I guess it’s understandable, because their personal fortunes aren’t affected, and most likely they’re all off the hook in two and a half years, anyways. Ever wonder what would happen when a place like China or Japan figures the net return from trade isn’t enough to cover things off, and calls in the debt? I do, and the results ain’t pretty.
The debt limit increase was the fourth of Bush’s presidency, totaling $3 trillion. With the budget deficit near record levels, an additional increase in the debt limit almost certainly will be required next year.