National Debt Hits $16 Trillion

“The debt topped the $16 trillion mark on Friday.

And the debt target limit will be automatically raised again, just as it has been dozens of times before. And spending never decreases. Nothing changes. Why Do We Even Have A Debt Ceiling Law?

Treasury Secretary Timothy Geithner has said the government will likely reach its debt limit at the end of the year. However, Geithner has said he will be able to employ various ‘extraordinary measures’ to keep the government operating until sometime early next year. Geithner would need to use these measures if Congress, as expected, fails to tackle the debt limit by year’s end.” (Associated Press)

As if the regular measures weren’t enough, we get more of the “extraordinar” ones?

FEE Timely Classic
“About that Debt Limit” by Sheldon Richman

National Debt Hits $16T; GOP Critical | The Freeman | Ideas On Liberty