Morning Bell: Myth-Busting the Debt Limit

Mike Brownfield / May 16, 2011

The United States today hit an all-time high debt, passing $14 trillion, according to Associated Press reports. And with $45,300 of debt for every man, woman and child in the United States, it’s clear as day that spending is the problem. Yet Washington has yet to come to an agreement on a way forward, either in the short term or the long term, though the budget plan passed by the House of Representatives would fundamentally alter this debt-ridden path the nation is on.

It’s time to get serious about cutting spending and getting the U.S. government to live within its means. But that’s not the message coming out of the White House.

On the issue of the whether to raise the debt ceiling—allowing the government to borrow and spend even more money—President Barack Obama has resorted to dire predictions about what could happen if Congress does not take action. (more…)