The federal government has reached the limit of its legal ability to borrow money, meaning it cannot issue new Treasury debt without action by Congress to increase the debt ceiling limit. As of this month, our “official” national debt stands at $16.4 trillion.
The signal congress sends to worldwide markets by raising the debt ceiling is simple: business as usual will continue in Washington; no real spending cuts will be made; and fiscal austerity will remain a pipe dream.
When our creditors finally wise up and cut us off, we will be forced to face economic realities whether we want to or not. We the People are demanding that our representatives in Washington D.C. make the necessary budgetary cuts now, on our own terms, rather than wait until we are at the mercy of foreign creditors.



