The news:
The latest calculation of the National Debt as posted by the Treasury Department has – at least numerically – exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.
The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.
A senior Treasury official told CBS News that the department has some “extraordinary accounting tools” it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.
Tell you what, fellow Americans: how far do you think we’d get if we used “extraordinary accounting tools” on our tax returns? Think the Treasury would be ok with that?
What matters US law when the people in charge of our government (a) don’t know what “rule of law” means and (b) would still break it, even if they knew?
A little revolution, now and then, is a good thing.
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