What happened to the money we gave you last year?
Once again Congress is playing games to create an artificial crisis used to sell profligate and wasteful spending to the American public …
Debt Ceiling ‘Brinksmanship’ Could Test U.S. Top-Notch Credit Rating: Fitch says failure to raise the U.S. debt limit would prompt a review of the U.S. sovereign credit rating
Fitch Ratings said Wednesday that a failure to raise the U.S. debt limit in a “timely manner” would prompt a review of the country’s credit rating, which is currently at AAA — the highest possible. The ability of lawmakers to meet two key fiscal deadlines next month will serve as a litmus test for “coherent fiscal policy making and cooperation,” according to the bond-rating firm. “Brinkmanship over the debt limit could ultimately have rating consequences, as failure to raise it would jeopardize the Treasury’s ability to meet debt service and other obligations,” wrote Charles Seville, James McCormack and Mark Brown on Fitch’s sovereign rating group.
The Treasury Department has employed extraordinary measures to pay its bills since March, when the previous suspension of the debt limit expired and the new ceiling was set at nearly $20 trillion. If Congress doesn’t raise the debt ceiling to allow new borrowing, the U.S. could default on its debt or miss payments of benefits and salaries.
Senate Majority Leader Mitch McConnell (R., Ky.) said Monday that there here was “zero chance” that the U.S. would fail to raise the federal debt ceiling. <Source: Wall Street Journal>
It may not work this time …
One, President Trump appears immune from criticism from the “fake news” media and the progressive socialist democrats.
Two, even if there is a government shut-down, we really know that the entire government doesn’t shut down; mostly the outward facing public functions like the national parks and other non-essential services. The government employees get a few days off and some employees are retroactively paid for doing virtually nothing.
Three, Fitch Ratings, complicit in the mortgage meltdown and enduing derivatives debacle cannot possibly project actual government spending, as opposed to budgetary items, and would face a massive backlash if they downgraded government debt and cost the taxpayers billions of dollars in additional interest. Especially when their leaders should have gone to jail instead of being allowed to pay fines and neither admitting nor denying the allegations arrayed against them.
Four, how many times can Congress fail to do its business and then provoke a last-minute artificial crisis?
Five, Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan talk a good game, but both are progressives who are only too willing to jump in bed with the progressive socialist democrats as long as they get their piece of the proverbial pie.
Bottom line …
What happened to all of the promises to reduce spending and curtail the government’s waste, fraud, and abuse?
Why are they funding departments and agencies who have proven incapable to tracking all of the money they have spent?
We are so screwed.
"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius