American Elephants

Senator Marco Rubio Speaks on the Debt Crisis. by The Elephant's Child

This young Senator is an impressive addition to the Senate.

We’ve got three things going on. One is, of course the debt limit. We have to raise it to allow the government to borrow enough to pay the bills that we have already racked up.

Senator Rubio clarifies the second. The government is spending $300 billion a month.  The government receives $180 billion each month. And each month they need to borrow $120 billion. These are round figures, but close enough.

The third element is the rating agencies who have said that they will downgrade our credit rating from AAA if we don’t get our spending under control. They aren’t interested in the debt ceiling, but only in seeing that we are making a serious effort to get the spending under control.That shouldn’t be difficult  with our bloated, wasteful government.

The battle continues.

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