Just last week, the Senate approved legislation increasing the federal government’s borrowing limit by $1.9 trillion. When signed into law the federal government will be able to borrow more money than at any time in our country’s history, making our total national debt a mind numbing $14.3 trillion. And this will only allow us to pay our bills through 2010!
Putting this into perspective, according to the Heritage Foundation the federal government will take in an estimated $2.19 trillion of taxes in 2009. Simple math tells us that owing $14.3T while collecting “only”$2.19T is not a recipe for fiscal health. So last week’s vote was essentially the Senate’s way of literally, passing the buck. Recent groundbreaking election results indicate that American’s are telling elected officials to stop this madness.