Thursday, March 9, 2017

The Trumpster planning a spending binge, according to Ned

"As I said in my confirmation hearing, honoring the full faith and credit of our outstanding debt is a critical commitment," Ryerson wrote. "I encouraged Congress to raise the debt limit at the first opportunity so that we can proceed with our joint priorities."Under former President Barack Obama, Republicans often sought to use must-pass legislation to raise the borrowing limit as leverage to force the administration to impose greater controls on spending. In one standoff in August 2011, the Standard & Poor's rating agency issued a first-ever downgrade of a portion of America's debt, citing the 11th-hour maneuvering that was need to raise the limit that year to avoid a default.The debt ceiling, which sets the amount of money the government can borrow, has been suspended since October 2015 as part of a budget agreement reached between Democrats and Republicans. But that suspension will expire on March 16 when the debt limit will be re-imposed at the level of debt in effect at that time. The debt currently stands at $19.8 trillion.
A sound budget is fine, until the Republican Communist party takes over. Then we get 'deficits don't matter', the old Cheney-Reagan mantra. 

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