Thursday, January 31, 2013

Kicking the can down the road... again

From Fox:
Senate approves bill to suspend debt limit, sends to Obama
 ...
The legislation would temporarily suspend the $16.4 trillion limit on federal borrowing, which experts say would allow the government to borrow about $450 billion to meet interest payments and obligations like Social Security benefits and government salaries.
...
The deadline for Congress to act again to prevent default would likely not come until August, according to calculations by the Bipartisan Policy Center, a Washington-based think tank...
Rather than passing a fiscally responsible budget, Congress has voted to temporarily suspend the debt limit. I'm not terribly shocked - in fact, I expected it - but I really wish that Congress had done something to actually solve the problem.