In fact, the national debt is expected to charge past the $13 trillion threshold by the middle of next summer, which assumes that the federal government incurs no new obligations – like, for example, a massive socialized medicine proposal.
So how high will Congress raise the ceiling? And here’s an even more frightening question – what happens when that credit limit is surpassed?
Obviously we don’t need a crystal ball to answer the second question. Congress will raise the debt ceiling as often as it wants – by as much as it wants.
For example, after holding steady at $5.9 billion from 1997-2002, the debt ceiling has more than doubled over the last seven years according to data released by the White House Budget Office. Of course these automatic votes rarely receive much – if any – publicity. In fact, the provision authorizing the jump to the current $12.1 trillion limit was buried deep within the federal “stimulus” bill.
As for the size of the forthcoming increase, most estimates put the number at around $1.5 trillion – which is nearly twice the size of the previous record increase.
That is truly the definition of a limitless reserve – but the unavoidable reality is that every dime of that skyrocketing tab must be paid back by the American taxpayers, who can simply no longer afford to finance Washington’s reckless credit card spree.