Do the Responsible Thing

Let's review; The U.S. Government is hopelessly out of money. We need to borrow money every single day just to keep our doors open. That being said there is a limit to how much money they are allowed to borrow...it's called the debt ceiling.

Now here's the REALLY funny thing....whenever they reach the ceiling they just keep raising the number. Eight months ago that debt ceiling number was raised, once again, to $14.3 trillion.

We have already hit that ceiling and we need to raise it again. What if the new Republican controlled House decides AGAINST RAISING IT?

WASHINGTON (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.

"Even a short-term or limited default would have catastrophic economic consequences that would last for decades," Geithner said in a letter to U.S. Senate Majority leader Harry Reid that was issued by Treasury.

He said Treasury could engage in extraordinary measures, such as suspending sales of state and local government securities and thus delay the date by which the debt limit is reached "by several weeks" but preferred not to do so.

"Once these steps have been taken, no remaining legal and prudent measures would be available to create additional headroom under the debt limit, and the United States would begin to default on its obligations," Geithner said.

If that happened, Geithner said, there would be consequences for the U.S. economy "potentially much more harmful than the effects of the financial crisis of 2008 and 2009."

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.

See it here; http://finance.yahoo.com/news/Geithner-says-US-could-hit-rb-620390769.html?x=0&sec=topStories&pos=main&asset=&ccode

Did you catch that...."do the responsible thing"...and LET US CONTINUE TO BORROW MONEY EVERY SINGLE DAY WITH NO END IN SIGHT.....that's the "responsible" thing??

Hold on folks...this could get bumpy. It appears we have arrived at the point of no return. If we DON'T raise the debt ceiling we face a catastrophe today. If we do raise it, we simply kick the can down the road and make the LOOMING CATASTROPHE all the worse.

Hat tip to Mike S.