According to Reuters, “The United States may hit the legal limit on its ability to borrow by March 31 and faces serious consequences unless Congress acts by then to raise it, Treasury Secretary Timothy Geithner said on Thursday…The U.S. Treasury official said the department expected Congress to ‘do the responsible thing’ and to lift the debt limit so that the United States can keep borrowing to fund its daily operating needs.”
Currently, the debt ceiling stands at $14,294,000,000,000. That’s 14 trillion — with a TRuh. Illion. It was raised to this amount on February 12, 2010 — less than a year ago. In fact, according to that bastion of reliability, Wikipedia, the debt ceiling has been raised 10 times in the last decade, and nearly 80 times since its inception almost a century ago. Which begs the question: What the F…ederal Reserve? What the hell is the point of a “ceiling” if you can raise it whenever you want? You wouldn’t buy a house with eight-foot ceilings and then get a 10-foot Christmas tree the first year — and then a bigger one each year after that — so why not forget this whole preposterous notion and just blow the damn roof off the place? Then we can have a debt courtyard rather than some ridiculous ceiling that has apparently been built on pneumatic stilts that go up at the touch of a button. Where are we, Holland? [Editor’s note: No, we are not in Holland.]
Reminds me of the time I got an Important Account Price Change Notification in the mail from America Express, saying how they were “pleased to let you know that we will not charge you a fee if you go over your credit limit. Don’t forget, it’s still important to keep your balance under your credit limit.”
I guess our debt ceiling is reinforced with the same stuff their credit limit is: crapsbestos.