Before the Republican Party caves again:
Federal borrowing is on pace to hit the legal limit on the national debt in less than a week. As set in a law passed by Congress and signed by President Barack Obama on Feb. 12, 2010, the legal limit on the national debt is $14.2940 trillion. As of the close of business Tuesday, according to the Daily Treasury Statement released at 4:00 pm today, the portion of the national debt subject to this legal limit was $14.268365 trillion. (The total national debt, including the portion exempted from the legal limit, was $14.3205 trillion.)
This left the U.S. Treasury with the authority to borrow only an additional $25.635 billion before it hits the statutory debt limit.
Of course the Republicans are going to cave. Even the normally credible Sen. Paul has said that he would vote for raising the debt ceiling just this one last time so long as Democrats promised that they would contemplate considering the possibility of thinking very hard about pretending to cut federal spending at some point in the distant future. Rep. Cantor has staked out a similarly tough position preparatory to waving the white flag.
House Majority Leader Eric Cantor fired off a stark warning to Democrats that the GOP “will not grant their request for a debt limit increase” without major spending cuts or budget process reforms.
Got that? Process reforms. Major process reforms! I feel much better now. Surely the economy is saved!