The Phaserl


No Debt Limit? WHY?

by Bill Holter, Miles Franklin:

Did you scratch your head …just a little bit at how easy John Boehner rolled over and the debt ceiling got lifted by Congress?  “Clarity” it was said, and the “uncertainty” of a debt limit was lifted so all should be OK for another year.  No sequester, no cutting back …no nothing.  That’s right, NO debt limit at all for a year so we (and the markets) should party like its 1999 all over again!  Right?

Let me tell you what I think happened and why this deal all of a sudden miraculously appeared pretty much out of nowhere.  You do know that it has been recently reported that President Obama has added another stop to his planned European trip next month right?  Yes, he  plans to meet with King Abdullah of Saudi Arabia (betting on whether he genuflects this time upon meeting or not is up to the odds makers in Las Vegas but I know how I’m betting) to “mend fences.”  I would like to add that Egypt’s Al Sisi “meets top Russian officials today to negotiate a $2-billion arms deal that is meant to replace subsiding assistance from old ally Washington.”

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1 comment to No Debt Limit? WHY?

  • Z

    The simple answer is that the revenue taken in by the Federal Government barely covers the interest payments on the current debt. Consequently they have no actual day-to-day operating expenses so they must borrow every penny (at interest) needed to keep the government operational. They simply could exercise the constitutional right for the USG to issue debt free money and it would solve a lot of their problems but a couple of Presidents named Lincoln and Kennedy tried that already… It did not work out too well for them.

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