The United States is scraping its pocketbook and U.S. Treasury Secretary Jack Lew told Congress to act fast or face major damage to the economy.
"Trying to time a debt limit increase to the last minute could be very dangerous. Make no mistake: If Congress does not act and the U.S. suddenly cannot pay its bills, the repercussions could be serious.”
National spending eclipsed the $16.7 trillion debt limit in May. The tab has since been covered through “extraordinary measures” that will most likely run dry next month, Lew said during a speech Tuesday at the Economic Club of Washington.
He urged Congress to raise the debt ceiling and not wait until last minute to address the encroaching Sept. 30 deadline.
Republicans in Congress who are “unwilling to compromise” on raising the debt limit are irresponsible President Obama said Monday in a speech marking the five-year anniversary of the 2008 economic collapse:
"After all the progress that we've made over these past four and a half years the idea of reversing that progress because of an unwillingness to compromise or because of some ideological agenda is the height of irresponsibility. It's not what the American people need right now."
What Americans don’t need is a $4 trillion-dollar government that doesn’t know how to manage its finances.
Perhaps Republicans are simply recalling one of former President Ronald Reagan’s little policy phrases:
"Only by reducing the growth of government can we increase the growth of the economy."