Tyler Durden over at Zero Hedge nails it:
In case one is wondering why the House Democrats attached a document to the emergency war supplemental bill that “deemed as passed” a non-existent … budget, which basically allows the ruling party to start spending money for Fiscal Year 2011 without the constraint of an actual budget, here is the answer: on June 30, the US closed the books with just over $13.2 trillion in total debt, an increase of $210 billion in one month, or $2.5 trillion annualized. There is just $1.1 trillion left on the ceiling. As we have long been warning, at the current run rate, the ceiling will be breached in under six months, or just around November 2…
You catch that? We’re piling up debt at a rate of $2.5 trillion this year. No, this doesn’t mean that the deficit will be that large, but I bet it will be a heck of a lot larger than was projected early on – and that the 2011 deficit will astound the world. Right now, Democrats are just trying to fix things to last past November 2nd – no stock market crash, no unemployment above 10%. They’ve taken to hiding things as an expedient.
In the long run, I don’t know what they expect – anyone with any sense at all in Democrat ranks has to realize that the piper will have to be paid. There is not much left in the bag of tricks to mask the true state of affairs. There are rumors our there that the Federal Reserve will print a couple trillion more and buy up more bad assets – and that might put off the crash by 6 months or a year, but it only puts it off…and putting it off for a year from now means it hits a short 16 months before the voters judge Obama.
Its all become a rather sick joke, watching all this – one just sits back, laughs grimly and wonders how long they can keep the ball in the air.
Blogs For Victory 