I can think of no issue that threatens the welfare of our republic than our rapidly spiralling national debt. The cost of servicing this debt will grow like a cancer, consuming a larger and larger share of our budget. In other words, capital that should be invested in educational, environmental and economic development will go towards paying interest. Far too many people on the right and left alike are distracted by meaningless cultural battles, while the debt bomb keeps on ticking away.
JANUARY 22, 2010,
$1.9T US Debt Ceiling Hike Likely To Last Into 2011
By Meena Thiruvengadam Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The $1.9 trillion U.S. debt ceiling increase proposed in the U.S. Senate likely would cover the country's spending into early 2011, an Obama administration source said Friday.
The increase would bring the U.S. debt ceiling tp $14.3 trillion. The U.S. statutory debt limit currently stands at $12.394 trillion while the public debt subject to that limit is at $12.271 trillion.
The source said the U.S. likely won't reach its current debt limit until March.
http://online.wsj.com/article/BT-CO-20100122-709119.html?mod=WSJ_latestheadlines
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