Let It Rip!

Here they go again. We are talking about the scolds in the mainstream media and the uniparty hypocrites in Washington who are once more loudly demanding a “clean” debt ceiling increase in order to save the nation from alleged financial ruin.

Thus, the always self-righteous and always wrong big spending, war-loving Senator from Connecticut, Richard Blumenthal, is again “deeply concerned” that having already used up the current $31.5 trillion of debt ceiling to pay for Uncle Sam’s profligate spending, the US Treasury may soon bounce its checks.

Every passing day leaves me more deeply concerned…….As we come closer to cataclysmic financial meltdown, I think the pressure will build on Republicans to be realistic.

Senator Jeff Merkley of Oregon, another Dem big spender fears that at least some House Republicans have rediscovered the old time fiscal religion and are not about to pass a debt ceiling bill without substantial spending reforms and cuts.

“I talked to some of the House members from Oregon. They gave me description of what it feels like on the House side …. It sounds like the mode of operation is to drive the nation off the cliff,” he said.

Or, as we heard a few weeks back from the New York Times, there is the view that the real job of Congress is first and foremost to keep paying the bills and raising the public debt!

Economists, Wall Street and political observers are warning that the concessions he made to fiscal conservatives could make it very difficult for Mr. McCarthy to muster the votes to raise the debt limit…..That could prevent Congress for doing the basic tasks of keeping the government open, paying the country’s bills and avoiding default on trillions of dollars of debt.

Well, no, keeping Washington’s lights on to the very eve of national bankruptcy is not the basic task of Congress!

Besides, if they don’t pass a timely and clean debt ceiling bill, the nation is not going to default. There not a snowball’s chance in the hot place of that happening because as we show below the Treasury has powers to allocate available cash to the highest priority spending items, starting with debt service. The claim that the Federal government’s accounts will just go tilt in the middle of the night at the X-moment is just a fiscal fairy tale that is trotted out by the Washington ruling class year after year.