Congress Raises Debt Limit For The Time Being

By EGP News

So, congressional leaders and the president agreed yesterday to end the suspense on whether the debt limit will be raised or not.

Yes, they have decided that it was time to arrive at an agreement that they could have arrived at months ago, without the circus performance.

But it’s only a short reprieve the two sides have agreed to.

U.S. government workers wound up not receiving their pay and vital U.S. government services critical to the public were not performed as a small faction of Tea Party Republicans attempted to hold the budget hostage in order to prevent the funding of the Affordable Care Act, also known as Obamacare.

We don’t believe that the damage they caused to the country’s image and financial stability will go away easily or very soon.

Americans who just recently went through a deep recession, many of them losing their homes, their pensions losing much of their value, and millions of workers losing their jobs, did not deserve the kick in the stomach the threat of another recession had on their already fragile nerves.

And as if the consequences of their actions weren’t serious enough, the U.S. Congress will repeat the whole sorry mess in a few months, since the continuing resolution to hike the debt limit is only good through February of 2014.

We suppose it’s both the Senate and the House of Representatives way of telling Americans they want them to be able to enjoy the holidays. We hope they don’t expect us to thank them.

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October 17, 2013  Copyright © 2012 Eastern Group Publications, Inc.

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