Weeks of turmoil, frantic negotiations, warnings of the impending apocalypse, and last minute deals for . . . this? To say that Congress labored mightily and brought forth a mouse is an insult to mice.
In the face of a $1.1 trillion budget deficit, a $14.3 trillion official debt, and a real indebtedness of more than $120 trillion, Congress has just voted to increase the debt ceiling to roughly $16.8 trillion through 2012 while allowing the national debt to eventually rise to some $21 trillion by 2020. That it otherwise would have reached $23 trillion is scant comfort. With our country careering toward a fiscal cliff, Congress has chosen to tap on the breaks, not change direction.
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