Unlimited Borrowing Pushed by Treasury Secretary

In the past four years, the debt ceiling or limit to the amount that America can borrow from itself and other countries has been raised and raised and raised, while very little effort has been made to curtail spending.

No problem says Treasury Secretary Timothy Geithner, let’s just do away with a debt ceiling, setting no limit to how much the US can borrow.

Al Hurt interviewed Geithner on Political Capital, a program on Bloomberg TV.  During that interview, Hurt asked Geithner if we should do away with the debt ceiling and Geithner responded saying:

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When Hurt asked him if this was something that he was planning on proposing, Geithner answered with:

“Well, this is something only Congress can solve.  Congress put it on itself. We’ve had 100 years of experience with it, and I think only once–last summer–did people decide to use it to threaten default on the American credit for the first time in history as a tool for political advantage.  And that’s not a tenable strategy.”

When asked how soon it should be eliminated, Geithner said the sooner the better.

So let me get this straight: For the past four years the White House has failed to propose a budget as required by law and the Democratic controlled Senate continues to push spending way beyond our means and now the Secretary of the Treasury of the United States says we should have no limit to the amount of money we can borrow getting further in debt than the $16 trillion we now owe.

Does anyone else see a problem with this?

That’s like telling an addicted gambler that there’s no betting limits, to go on as he has been and don’t worry about a thing, his kids, grandkids and great grandkids will pay it all for you.

This is the same Democratic economical ideology that has put us in the mess from the beginning. Bill Clinton started with the ‘let’s lend and borrow’ mentality when he was president.  He forced the mortgage industry to lend and lend and lend some more and come up with a myriad of creative mortgage packages that would allow millions to purchase homes they couldn’t afford.  The mortgage companies complied, millions bought homes and by the time George W. Bush was president, millions discovered they couldn’t afford the increased mortgage payments.  As more and more Americans began to default on their mortgages, it led to a drastic increase in foreclosures and bankruptcies which in turn led to a crash of the housing market which in turn led to the rest of the financial disaster that Democrats blame on Bush.

Democrats have no viable plan to cut spending and reduce the size of government to a sustainable level.  Instead, they want to continue to borrow, spend, borrow some more and spend some more.  They believe that eventually, this will boost the economy and create jobs.  But everyone who works for a living and has to manage their own household knows that this is the fastest way to financial ruin.

Just as a family and a business have to learn to live within their means, so does the federal government. Yes it hurts at first when you start to cut away at the obese federal government, but if done properly and consistently, the vitally needed massive reduction just may save the patient from certain death.

I pray Congress does not eliminate the debt ceiling, but stick to their principles, keep the ceiling in place and force Obama and Democrats to pass a reduced federal budget.  As a nation, we need less, not more.  More will certainly kill us.  Less just may let us live a little longer.

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