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By Catholic Online (NEWS CONSORTIUM)

9/27/2013 (1 year ago)

Catholic Online (www.catholic.org)

Treasury will officially run out of ideas to keep paying bills this October 17

President Barack Obama has officially raised the debt limit seven times since he took office. Congress has added $43,000 in debt for every American household the last four years. It gets better. The debt limit deadline is looming again, and the U.S. Treasury will officially "run out of gas" to keep paying the bills this looming October 17, according to Secretary Jack Lew.

And what was accomplished the last time Congress raised the debt ceiling? Did they accomplish any meaningful spending cuts before increasing the debt limit? Nope --

And what was accomplished the last time Congress raised the debt ceiling? Did they accomplish any meaningful spending cuts before increasing the debt limit? Nope --

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/27/2013 (1 year ago)

Published in Politics & Policy

Keywords: Debt Ceiling, President Obama, no savings, Romina Boccia


LOS ANGELES, CA (Catholic Online) - House Republicans are reportedly proposing to suspend the debt ceiling for more than a year in lieu of pursuing significant spending cuts and entitlement reforms. This will just add another $1.1 trillion to the debt.

Factor in that $43,000 per household that was added in the last four years and add yet another $8,800 per household.

And what was accomplished the last time Congress raised the debt ceiling? Did they accomplish any meaningful spending cuts before increasing the debt limit? Nope --

"Congress and the President last suspended the debt ceiling from February 4, 2013, through May 18, 2013, adding $300 billion to the national debt in less than four months. Their only request was that the Senate produce a budget for the first time in four years, which it did. No savings were accomplished," Romina Boccia, the Grover M. Hermann Fellow in Federal Budgetary Affairs writes.

In other words - no savings. Not right.

"Congress should implement spending cuts and entitlement reforms before-or as part of-an increase in the debt ceiling. Lawmakers still have time to put forth a plan that puts the budget on a path to balance and avoids a debt crisis today and in the future. The clock is ticking," Boccia warns.

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