The U.S. statutory debt ceiling was limited to $14, 294 trillion. Based on treasury records, we nearly reached that limit, since on July 31st this year, the “Public Debt subject to limit” reached $14,293 trillion.
In the aftermath of the debt ceiling crisis, Congress passed the Budget Control Act and raised the debt ceiling by an immediate $400 billion, and $14.694 trillion.
By the end of August, treasury records show the Public Debt subject to limit at $14,638, leaving a mere $55 billion for Mr. Obama to spend (or play with) before having to ask Congress once again to raise the debt ceiling limit.
Fact is, the Obama administration simply spends money faster than the printing presses can print them.In whichever way the reader leans to, he/she will have to realize, there is no money at hand to implement Mr. Obama’s American Job Act. Furthermore, announcing last Friday, the Super Committee has to find the $447 billion Mr. Obama wants to spend on his latest job creation program, it sounds more and more like a political game. Subsequent and unable to get or find the money for Mr. Obama, the President will point the finger at Congress and/or Super Committee – wash his hands- saying : I tried- but it is out of my hands.
Behind the scene and knowing our financial condition, one can only surmise, the entire American Jobs Act , is but a tool to bolster the sagging polls and get Mr. Obama into a second term.