Filed under: Capitalism, Economy, Taxes | Tags: Liberal Corruption, New Debt Limit, The Burden of the National Debt
Friday night news drop — ABC News Senior White House Correspondent Jake Tapper:
Behind closed doors and with no cameras present, President Obama signed into law Friday afternoon the bill raising the public debt limit from $12,394 trillion to $14,294 trillion.
The current national debt is $12.3 trillion. Check out the National Debt Clock, which tells you your share of that — roughly $40,000 per citizen, $113,000 per taxpayer.
The bill also establishes a statutory Pay-As-You- Go procedure requiring that new non-emergency legislation affecting tax revenue or mandatory spending not increase the Federal deficit — in other words, that any new spending or tax cuts be paid for with new taxes or spending cuts.
President Transparency strikes again. One of my worst moments recently was when I was listening to the radio while I did other stuff, and the broadcast captured the moment when the Democrats passed the bill raising the public debt limit to $14.3 trillion.
The Democrats all cheered.