The Debt Ceiling Debate Really Doesn’t Matter:Either Way U.S. Government Finances Are Going To Crash

Thursday, January 6, 2011
By Paul Martin

Congratulations America, you are now 14 trillion dollars in debt. The U.S. national debt is now more than 14 times larger than it was just 30 short years ago. The federal government is literally drowning in debt. Now some members of Congress are actually debating whether we should raise the debt ceiling again. At the moment, the U.S. government debt ceiling is is set at $14.294 trillion, and considering the fact that the U.S. government is borrowing approximately 2.63 million more dollars every single minute, that cap will be reached very quickly. The U.S. Congress has raised the federal debt ceiling six times in just the past three years, so you would think that raising it again would not be that big of a deal for our debt-addicted politicians. But this past November a significant number of Tea Party candidates were elected to the U.S. House of Representatives, and they are eager to prove that they are serious about fiscal responsibility.

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