What I think the president and everybody else has missed is this;
The additional trillions in borrowing were suposed to get the government and Obama past the 2012 tax estimator election. The inevitable downgrade of U.S debt will drive the cost of borrowing up!
Given the deterioration in the economy and the inability of Washington to manage, let alone restrain spending, it is my bet that the administration will need to raise the debt ceiling again sometime before November 2012.
This hopefully will be the death nell of this administration. Couldn’t happen to a nicer bunch of people!
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