I see in the senate today they passed a bill to raise the debt ceiling to over 8 Trillion dollars. They are also saying that they are running out of solutions. They are curently taking out of civil servants social security to pay for many programs. i guess they are reaching there limit on what they can borrow, at least that is what they are saying. What a mess.
This has been the pattern for the last 20 years or so. During the Reagan, Bush (the 1st) and into the Clinton years, Congress managed to overspend by such a wide margin, during a moment of financial lucidity they installed a socalled debt ceiling. The concept worked very well until it crashed into Washingtonian politics. The debt cieling was raised so often even the most jaded of politicians would admit the dept ceiling would be a joke if it wasn't so useless.
