Because it didn’t limit the debt ceiling at all, that’s why. It simply put in place a nearly automatic raising of the ceiling as long as Republicans couldn’t overcome an Obama veto. Come Monday, 9/12/11, another $500 BILLION will be added to the ceiling, and all Boehner et al did was provide themselves political cover for that predetermined increase on that predetermined date. If there’s still any Boehner and Super Committee apologists out there, explain how this is a victory for either Republicans or the country:
It is hard to believe that the last time the US had breached its debt ceiling was a whopping one month ago. Courtesy of much toil, tears and televized theater (not to mention fake compromises), the Obama administration managed to get an accordion-feature extension of the debt-ceiling-cum-target, whereby it is currently at $14.694 trillion, and can be extended in $500 billion increments, for a total of $1.5 trillion provided congress and senate do not vote down such an expansion. The reason we bring this up is because as the data below demonstrates, the US Treasury will breach its brand new debt ceiling… on Monday.
That’s right: as of yesterday, total US debt was $14.717 trillion (obviously an all time record, and every day closer to parity with US GDP), while debt subject to the ceiling was $16.772 trillion, or just $22 billion below the total before someone has to go ahead and commence the whole debt ceiling fiasco from scratch. And since as the Treasury is auctioning off another $32 billion in 3 Year bonds on Monday, that process better scramble or else all that rhetoric about Social Security being nothing but a plundered ponzi scheme will be proven true yet again. And while we see flashing headlines that Obama’s proposal is now set to be a bullshit $450 billion (bullshit because republican will absolutely not go ahead with it), we are positive that not one word will be uttered to inform the public that as of this moment Harry Reed has already started the process of the next $500 billion debt ceiling expansion, one which will bring total US debt-to-GDP to over 100% for the first time since the post-WW2 period.
Most recent total debt breakdown:
And next week’s full debt auction schedule:
And the issue in question that will tip us over:
And the Super Committee hasn’t even gotten started putting the screws to us yet. Isn’t it great that we have Republicans to SAVE our country? Wiemar, here we come…..
Oh, and surprise!
Got it? Debt target is now OVER 100% of GDP. Us Tea Party terrorists, racists and wannabe lynchers were just alarmists calling for Boehner to hold his ground, right? This country is doomed.