Just last August, Obama blustered and bluffed his way to adding another 2.1 trillion to the national debt ceiling. This was supposed to take the issue off the table until after the November election. Republicans went along, “saving their energy” to fight for something else some day in some lifetime. Guess what? It now looks like the spendthrifts will blow the whole additional 2.1 trillion before the election. Despite promises, Obama just can’t seem to do a thing to slow spending.
Earlier today, Treasury Secretary Tim Geithner admitted that the debt limit would be reached this year. But he sounded confident it would be later than October 15th. “We do not expect to hit the debt limit until quite late in the year, significantly after the end of the fiscal year [Sept. 30] but before the end of the calendar year,” Geithner told the Senate Budget Committee. —Beltway Confidential
Well, there you go. Geithner is confident. Bet the farm there is a new debt ceiling showdown just in time for election.
Unless I’ve figured this wrong, that comes to an average shortfall of about 146 billion per month which computes to a 12 month deficit of 1.75 trillion. That’s way beyond current projections. Surprise, surprise.