By Scott Boyd
It may be too much for most people to fully comprehend the size of the government?s $14.3 trillion debt, so let?s put this in terms each of us can understand ? yesterday the United States maxed out all its credit cards.
By law, the government is restricted to a debt ceiling of $14.294 trillion. This limit came into play on Monday and means the government is effectively prevented from selling bonds and taking on any further debt. The Treasury Department released a somber statement noting that by raiding the nation?s pension funds it could manage to meet the nation?s debt obligations until mid-summer, but unless new funds are available by then, the Treasury would have no choice but to default on some of the country?s debt obligations.
Mandatory Spending vs. Discretionary
The U.S. debt has become a ferocious beast with an insatiable appetite. In 2010, mandatory spending
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