Debt Ceiling Failure

There is much rejoicing in Washington over the Debt Ceiling compromise. There is much talk that the Tea Party has won, getting cuts but no tax increases. Please! This is a failure. The debt ceiling will rise more than $2 trillion, the largest increase to date. Notice, that was a DEBT ceiling. Debt is increasing under this plan. Oh, but there are cuts, right? No, not really. The promised cuts are in some distant future and, even if they all come to pass, it is a pittance. We have a deficit of more than a trillion dollars but plan to cut a trillion over the next ten years? So, we'll only have deficits of $900 billion? Failure. Epic failure.

The government brings in $200 billion a month but spends $300 billion. That cannot continue. The spending must drop to meet income, the sooner the better. This deal makes it unlikely to happen in the next year and a half. DC is in denial. Bankruptcy looms and the politicians refuse to recognize the obvious. Those few who have tried to honestly address the problem have been attacked by rivals who know it is true. We are on the road to Greece but can't seem to change course.