I just read this article from our local newspaper and this sentence really stands out.
"The Democrats’ measure would cut $2.7 trillion in federal spending and raise the debt limit by $2.4 trillion in one step — enough borrowing authority to meet Obama’s bottom-line demand."
So when the debt ceiling is lifted by $2.4 Trillion we can observe that the US is certain to borrow right up to that limit within a couple of years, while taking much longer to "save" $2.7 Trillion. On the straight numbers it looks to be a difference of $300 Billion, nothign to scoff at until you add on the interests payments for the US debt. Suddnely you might realize that we have lost over $300 Billion just paying the interest on the current debt so far this year.
Come on, I might have been born at night - but not last night! Are we to think that spending is really going to slow down at some later point in time? I can not believe it so long as the serious effort at austerity from one party is a joke like the one above.
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