Ho-hum, another $1.2 trillion:
President Obama formally notified Congress on Thursday of his intent to raise the nation's debt ceiling by $1.2 trillion, two weeks after he had postponed the request to give lawmakers more time to consider the action.
Congress will have had 15 days to say no before the nation's debt ceiling automatically is raised from $15.2 trillion to $16.4 trillion.
It's an indication of where the political cultures is -- and how hard it will be to change it -- that inaction triggers more borrowing rather than spending cuts. Love this observation from the comments: "The term 'debt limit' is a political axiom used to convince the peeps that the runaway debt train really does have brakes ! Sorry. There is no such thing as a limit. The term is used only for theatrical purposes."
Gonna try to not get too worked up over this anymore. What we have here is one pig asking the other pigs if he can go to the head of the line at the trough, that's all.
