It’s not the Republicans refusing to increase the debt ceiling. It’s not the Democrats refusing to negotiate.
From the Weekly Standard:
“President Obama said that increasing the debt limit does not increase the debt,” the minority side of the Senate Budget Committee says in a statement. “But when the Treasury department started using so-called extraordinary measures to avoid a breach of the debt ceiling in May, 2011, the debt limit stood at $14,294 billion.
“Today it stands at $16,699 billion, which was reached when Treasury started using extraordinary measures in May of this year. That’s a $2,405 billion increase in 2 years.
“Meanwhile, the economy, as measured by GDP only increased by $1,199 billion between the second quarter of 2011 and the second quarter of this year.
“So the debt increased twice as much as the economy over the last two years, the very definition of unsustainable. The growth of a nation’s debt cannot for long exceed the growth of its economy – which is precisely what is happening now.”
Anytime you spend $2 for every $1 you earn in income, you are going to have financial problems. An individual will eventually have to stop spending and/or start earning more. If he doesn’t, his creditors will force him into bankruptcy.
The Federal Government can just raise the debt ceiling and pretend that this problem will go away…