Certainly we need to change course and stop borrowing however the issue is to go about it in responsible manner. In the past we have simply raised the limit and gone on our way for example, I was surprized to learn the debt was raised 17 times under Regan. Currently we face a double whammy in that spending was increased (two wars, bail outs, etc.) and tax revenues have dropped (recession); for each dollar we spend; 60 cents is from tax revenues and 40 cents is borrowed.
Maintaining the debt limit at the current level simply means 40% of our bills need to go away immediately - who will not get paid. Raising the debt limit allows time to get spending in line with revenues without causing collateral damage.
The issue is not the debt limit the issue is the spending level needs to be pulled back.
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Today's Featured Article - Show Coverage: Argyle and Mt. Pleasant Labor Day Weekend Shows - by Cindy Ladage. The last fling before summer fades into fall and we get busy in the fields are the annual Labor Day tractor shows. Beginning on September 5th and running through the 7th, the Argyle Antique Gas and Engine Show is held at the Argyle State Park. Located in West Central Illinois, the pine forest was the setting for the opening of the 22nd show. This year we decided to try to sell a few tractor parts, literature and wrenches to offset my husband's buying sprees. Saturday
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