Bankrupt, But Still Spending Madly

Hot Air Greenroom:

Since Obama has taken office, our national deficit has more than quadrupled. Earlier this year, as part of the stimulus package, Congress set a statutory debt limit. The limit was $12.104 trillion — and we've now exceeded it.

The latest calculation of the National Debt as posted by the Treasury Department has – at least numerically – exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.

The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.

A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.

Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.

Well gee, it's a good thing the government has some breathing room, because I'm pretty sure there will be a lot of hyperventilating Americans reading this.

Meanwhile, Obama continues along his merry little way, signing a new spending bill. This one is going to cost us around $1.1 trillion. So that brings our national debt up even more. And as always, it's in the name of stimulating the economy.

This is a dangerous game that Democrats are playing. And one that we have to stop next year. The thing is, we can't afford to keep spending like there's no tomorrow. ... If we keep this up, we'll bankrupt ourselves, and we won't be the number one superpower in the world anymore. You think the economy's bad now? How will we fare when the government literally has no money anymore? Everything will fall apart. Everything.

I think Barack Obama's favorite word is 'trillion'.  He sure throws it around a lot.  Unfortunately, it's always in reference to taxpayer money being spent.  He can't be troubled to send money to his family in Kenya -- where they live on $12 a year -- but he's veeeeery generous with your money.  Oh yes, definitely very generous.

This is what happens when irresponsible people get elected into positions of responsibility.  Elections have consequences, and this is what our elections over the past few years have given us.  I have no doubt that there will be at least a partial correction next year, but will it be enough?  And will it be soon enough?  That is the question.

I think it's safe to say that as long as liberals are allowed to run government, there will be no end to the mad spending, no matter what.

There's my two cents.