Re: Democrats: Debt Will Be Twice What We Expected, Looking to Raise the Country's Credit Limit

Meredith Jessup | December 10, 2009 11:21 AM

America's debt is like a credit card, currently carrying an overdue balance of $12 trillion. We are currently spending about $1.2 billion every day in interest payments alone. More than HALF of the $9 trillion we're expected to rack up in debt over the next decade will just be INTEREST. And now, to make things worse for the country's economic future, Democrats in Congress are arbitrarily raising the card's credit limit by another $2 trillion.

To avoid facing this issue closer to the 2010 election, as Jillian reported earlier, Dems are preparing to raise the national debt ceiling by $1.8 trillion by the end of this year. In a completely absurd statement, House Majority Leader Steny Hoyer said, "“We’ve incurred this debt. We have to pay our bills." Seriously, Democrats are the only people I've ever heard of who would charge more on a credit card in an attempt to pay it off.

I remember when I was 18 and heading off to college and I got my first card to start building my credit. My parents told me at the time that I should use it sparingly and only ever charge things I know I have the money to pay for... smart advice Hoyer's mother apparently never gave him.

Instead, Hoyer and other members of Congress insist on adding to our debt, despite the nation's checking account, completely overdrawn.