07/29/11 - 12:04pm
Right now our country seems to be at an impasse — Congress must act on the debt ceiling issue before Aug. 2, but solutions are few and progress slow.
We have no one but ourselves to blame. It’s a problem that we have seen coming for some time now, yet our politicians didn’t want to touch it as evidenced by the fact that the debt limit has been increased 10 times since 2001.
Last year, we ran a $1.29 trillion deficit and now sit with total national debt of $14.3 trillion, a ceiling that was set in 2010. As a nation, we now borrow more than 40 cents of each dollar we spend.