According to the Congressional Budget Office, the U.S. government will reach its borrowing limit in October or November, after exhausting emergency measures to keep the debt below the limit as long as possible. Without the emergency measures, the growing federal debt would hit the ceiling by the middle of this month. But Republicans who had hoped to use the debt ceiling debate as leverage to pass spending cuts were disappointed to learn that Senate Majority Leader Mitch McConnell (shown) has already assured the Dems that the GOP would not threaten a default or government shutdown.
Never mind that neither a default nor a shutdown would be necessary if the federal governent were simply to slash spending and start living within its means.
“The debt ceiling will be handled over a period of months,” McConnell said his appearance on CBS’ Face the Nation Sunday. “I made it very clear after the November election we’re certainly not going to shut down the government or default on the national debt.”
He added that he hoped a debt limit extension “might carry some other important legislation that we can agree on in connection with it.”
Currently, the debt limit stands above $17 trillion, a significant increase from the already high $11.3 trillion when Obama took office.
FK – Don’t blame me. I didn’t vote for it. I propose we take it out of its allowance.
As I’ve been sayin’ for a long time: We’re gonna have to go up there, and we won’t be packin’ signs.