Instead of fixing the solution to out of control spending in Washington, the federal government is resorting to what it always resorts to: increasing the debt limit.
From the Wall Street Journal:
U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is “critically important” that they act in the next two months.
Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors, Mr. Geithner said.
Geithner says that it is critically important to act, but shouldn’t it be critically important to cut government spending to control the debt, not ram through huge spending bills like Cap and Trade and universal health care?
The answer is yes, but it is not, of course, the answer Washington has chosen.
We can’t keep sending ourselves down this horrible path and hope one day that it will all get better. We need to act now, and stop the debt from increasing rather than simply raising the debt limit.