As the Republican-led Congress bulldozes through their tax cuts for wealthy America with their left hand this week, with their right hand they are silently raising the federal debt ceiling for the second time in the past two months to accommodate these measures.
A $2.7 trillion budget plan pending before the House would raise the federal debt ceiling to nearly $10 trillion, less than two months after Congress last raised the federal government's borrowing limit.The provision -- buried on page 121 of the 151-page budget blueprint -- serves as a backdrop to congressional action this week.
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Leaders also hope to pass a package of tax-cut extensions that would cost the Treasury $70 billion over the next five years.
Don't worry...to pay off a debt of $10 trillion dollars it would only take a one-time payment of approximately $33,000 from each American citizen.
With American consumer debt at an all-time high and personal savings at an all-time low it is reassuring to see we have such great role models.