Posted by Brian
The Republicans need to stick to their guns on this. The Democrats are going to propose, and the mainstream media is going to dutifully echo, that the debt ceiling needs to be raised. In other words: "I've maxed out my credit card. I can barely make my payments. Please raise my limit so I can buy some a case of beer and forget my problems." The Republicans need to go department by department and make deep cuts to each one, even eliminating some of necessary. As a country, we have increased our debt over $5 trillion dollars in the last 4 years. Adding more to it is fiscal suicide. Within a short time, our debt is going to be more than our nation's entire GDP - and then we are sunk. Cutting spending and shrinking government is the answer. Do the Republicans have the spine to stand up to the onslaught of the Democrat socialists and thir willin propaganda machine in the media. We'll see.
Government seen hitting debt limit in March or April
By David Lawder WASHINGTON Wed Jan 5, 2011 6:15pm EST
(Reuters) - As Republican lawmakers threaten a showdown over the federal debt limit, bond investors are calculating when they should start to get nervous.
The answer: early March, and probably, really worried in April.
Wall Street economists, looking at recent seasonal spending and revenue trends, estimate the $14.3 trillion debt limit will be reached toward the end of March or sometime in April if Congress fails to raise it before then.
Hitting the limit could force shutdowns of federal offices, as happened in 1995, threaten payments for Social Security and other federal benefits, or even cause a default on federal debt payments.
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