The House of Representatives has scheduled a vote for Friday on a continuing resolution (CR) to fund the government into the next fiscal year (which begins October 1). Because of the work of House Republicans, the legislation will include wording to defund the Affordable Care Act (“Obamacare”).
This bill is expected to fail when it goes to the Democrat controlled Senate. Predictions are that then House Republicans would tie the Obamacare fight to raising the nation’s debt ceiling (like the credit limit on your credit card) in mid-October.
President Obama made a statement today that never before has anyone used the debt ceiling issue to “extort a president”.
Well, never before has the US borrowed so much money or had such a sky-high federal deficit. Extreme financial problems require extreme measures to solve. Nothing else in the last four years has gotten the President’s attention. Mr. Obama seems to believe that Congress should pass whatever he wants without questions or comments.
Should the US continue with unlimited borrowing, or cut back on spending before our creditors refuse to lend more and the US goes bankrupt – or the government prints enough money to pay bills and therefore drastically devalues our currency?