Friday the U.S. Treasury announced that the use of “extraordinary” borrowing measures since May 19th added $328 billion to our national debt. By extending the debt limit till February 7th in this week’s “debt deal,” it is projected the Obama Administration could add another $300-$400 billion to the national debt by that date—and then proceed to use these “extraordinary” borrowing measures afterwards. In total then, this week’s vote will have allowed President Obama to add upwards of an additional $1 Trillion in debt – in exchange for absolutely no spending reductions or entitlement reforms.
Congressman Tim Huelskamp offered the following statement:
“Unfortunately, the insider deal cooked up by the Washington Establishment comes at the expense of our children and grandchildren. It permits President Obama to burden future generations with up to $1 Trillion in new debt – does almost nothing about the impending disaster of ObamaCare – and continues the status quo of out-of-control spending. That is wrong. We cannot sit back and allow President Obama and a bipartisan majority of Congress to tax, borrow, and spend away the future of America.”