Update: U.S. Borrowing Limit Already Breached By $12B & CountingSubmitted by SteveMT on Sun, 01/06/2013 - 01:06
The borrowing limit was reached on 1-1-2013. Raising this debt ceiling will be ex post facto in 2 long months from now. By simply neglecting this issue, Congress is in fact already raising the Debt Ceiling. The present rate of increase is about $3.5B/day. If nothing is done by March 1st, the debt ceiling will have been breached by nearly $0.25T. With fiat currency, these are only numbers without value. Does Congress even know that the Debt Ceiling already has been breached? With a Congress without Ron Paul, the answer is no.
See change in Debt Clock:
Federal Debt Ceiling (National Debt)
Updated: Jan. 2, 2013 --> Continue
On Dec. 31, 2012, the United States government officially hit its current authorized borrowing limit — also known as the debt ceiling — of about $16.4 trillion. Treasury Secretary Timothy F. Geithner had informed Congress the week before that he will be able to avoid breaching the limit through “extraordinary measures,’' but only for a matter of weeks.